Access to employment savings plans, setting aside at least 8% and using a financial consultant are important variables that determine the ability to replace present capital in pension funds.
Hong Kong, Hong Kong S.A.R., July 30, 2015 –(PR.com)– A recent Voth Nixon Group study based on a survey of almost 5,000 working Hong Kong citizens to help establish present levels of pension readiness, illustrates that saving habits continue to be a major determinant factor. Considering that Hong Kong households are currently on track to supplant 45% of their existing capital in pension plans, the ones that are most likely to achieve success have access to employment savings plans and tend to set aside anywhere between 8% to 12 % of their income.
This survey was designed to be one of the most detailed studies conducted in order to assess the retirement readiness of Hong Kong citizens. The study examines behavioral habits, causes of mortality as well as pension and non-pension resources such as real estate equities, investment assets and insurance plans to determine the level of income that Hong Kong citizens are planning to replace within their pension funds.
While certain crucial success factors have been highlighted by the study’s results, total household savings remained major determinants of retirement readiness. The ones that were best prepared had a total household pension savings rate of approximately 24,5%. On the other hand those least prepared had a rate of merely 4,8%.
“While our recent study offers a number of reasons to remain optimistic in regards to employed citizens taking the fate of their pension safety into their own hands it also underlines the efforts that the industry and policy makers need to make in order to secure and solidify our country’s pension structure and system” said Raymond Nianzu, Vice President of Voth Nixon Group Treasury Services.
About Voth Nixon Group
Voth Nixon Group is a global asset administration group, managing capital for both institutional and retail investors across the world. Our aim is to provide solid fund performance across various asset types in which we know we have a viable competitive edge. At Voth Nixon Group your goals are important to us. We understand the financial challenges that make it difficult to achieve your targets, and we’re qualified to provide the assistance you need. We believe your financial progress, regardless of your present situation or economic condition is achievable.
Address: International Commerce Center (ICC Tower), 1 Austin Road, West Kowloon, Tsim Sha Tsui, Hong Kong.
Voth Nixon Group
International Commerce Center (ICC Tower), 1 Austin Road, West Kowloon, Tsim Sha Tsui, Hong Kong.