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Survey: HK Monthly Retirement Expense Rises to $14.7K; Avg. Spending in Greater Bay Area RMB1,356
Recommend 4 Positive 8 Negative 8 |
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The Institute of Financial Planners of Hong Kong (IFPHK) released the "Hong Kong Retirement Expense Index" survey, in which, as expected, the index rose from 118.8 in 2022 to 127 in 2023, and the real monthly retirement expense increased by $922 YoY to $14,687. The expenditure of the high-spending group (i.e. spending over $15,000 per month) increased by nearly $3,000 YoY to $23,671, which is higher than the median monthly income of $20,800 in 4Q23 as announced by the Hong Kong government, Chris Tse, Chairman of IFPHK, said. The biggest incline comes from travel and cross-border transportation expenses. With the travel resumption between mainland China and Hong Kong, retirees traveled to mainland China frequently. 63% of the respondents visited mainland China in 2023. Of which, 24% of them traveled to the Greater Bay Area at least once every three months, with Shenzhen being the most popular destination. On average, retirees spent RMB1,356 per trip, with over 20% spending RMB2,000 or more per trip. AAStocks Financial News |
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