HONG KONG: Elderly Reaping Benefits of Good Health, says report

HONG KONG (South China Morning Post)‚ June 5, 2007: "The new Old Age Life after 60 is better than many expected‚ as the elderly reap the benefits of good health and independence"‚ reports David Fried. A worldwide study led by HSBC compares expectations and realities when it comes to retirement. It seems that old age can be happier than expected and very useful to families and global economy. In Asia‚ the proportion of the population aged 14 and under will decline to less than 20 per cent in 2050‚ and the over 60s will rise to close to 25 per cent. In Hong Kong‚ it is projected that‚ in just over two decades‚ one in four people will be over 60. That people are growing old‚ faster than ever‚ is potentially one of the biggest social and economic challenges of the 21st century. However‚ our fears have masked another reality about ageing. While indeed a challenge‚ longevity is one of the greatest achievements of the 21st century‚ and new findings from HSBC's third annual Future of Retirement study show that there is life after 60‚ and it is better than expected. Conducted across 21 countries and territories‚ among 21‚000 people aged between 40 and 79‚ it is perhaps the largest global study on older people and their impact on society. For the first time‚ this study recorded expectations of retirement among pre-retirees and compared these with the experience of retirement among those who have already stopped working. The findings present new evidence about the role of older people in society‚ debunking myths that have clouded our regard for this sector for many years. Older people are contributing billions of dollars as volunteers‚ paid workers and family caregivers. The study quantifies the value of older people in societies today. HSBC estimates that‚ globally‚ people over 60 pay the equivalent of more than HK$611 billion in taxes. In Hong Kong alone‚ we calculate that figure to be about HK$1.3 billion. What governments and employers must understand is that more people want to work longer. Around the world‚ early retirement is losing its appeal‚ except in places like Hong Kong‚ where those in their 40s and 50s wanting to retire early (27 per cent is higher than the global norm (12 per cent). I don't think this means that Hong Kong people intend to stop working. The new generation of workers wants to try out new things: embark on a second career‚ start a business‚ pursue other interests or take care of the family. Older people remain active and productive‚ and their contributions are tangible and significant. Communities benefit from the volunteer work that older people do. Around the world‚ the over 60s are working 13 billion hours a year without pay. In Hong Kong‚ the value of older people's volunteer work runs to about HK$1.5 billion. Active ageing is an opportunity that governments must tap to engage the support of productive seniors. Older people are claiming their retirement bonus beyond the material sense. HSBC's study offers a new perspective of later years - a time of good health‚ control and independence. The lot of helpless‚ depressed and dependent adults is decreasing. The reality is that seven out of 10 respondents in mature economies like Canada‚ the US and Britain feel healthy. In Hong Kong‚ it falls to 5 in 10‚ and feelings of control are less among older people here than in the west. Older people are helping the modern family thrive. The study proves that there is a new old age that people can look forward to. Health and control will determine happiness‚ activity and contribution in later years. Early preparation to achieve financial security will help provide choices for work and activity post-retirement; ensure good health and stronger feelings of control in later years; and turn the responsibility of caring for the family - which remains strong in Asia and the rest of the world‚ even in old age - into a reality. Governments and companies must acknowledge the work that older people do by introducing or changing policies and practices that will allow them to remain a dynamic force. The future of retirement is this: life‚ like the other finer things‚ gets better with age.