A global survey conducted by HSBC has found that over a quarter of working women in Hong Kong are willing to give up their jobs for their children and fulfill family responsibilities, compared to other women elsewhere in Asia. However, the survey also found that sacrificing their careers to bring up their children make it harder for them to save enough amount of money for retirement.
The survey polled over 17,000 people around the world between November and December last year, the South China Morning Post reported. The result showed that 26 percent of working women in Hong Kong would quit their jobs for their children if needed, while the finding in mainland China was only 5 percent. In Indonesia, only 13 percent of women said they are willing to sacrifice their jobs, 15 percent in Malaysia, 18 percent in India, and 25 percent in Taiwan as well as Singapore.
According to Elaine Lai, the head of wealth development, retail banking, and wealth management at HSBC in Hong Kong, the majority of women in the city tend to prioritize their obligations at home than their careers as they think managing the family is the most important thing to do.
But although many of Hong Kong women are willing to give up their job obligations, the survey also found that they are not confident with their financials in the future. Only 38 percent answered they are confident in maintaining a comfortable retirement, while mainland China has 68 percent.
Elvin Yu, principal at pension consultancy Goji Consulting, said the Mandatory Provident Fund (MPF) in Hong Kong isn't a comprehensive scheme that ensures a favorable retirement life. Instead, it is only a subsidy to daily expense. The mainland, on the other hand, has better social security, while Singapore requires a higher contribution.
The MPF of the city requires employees and employers to individually contribute 5 percent to the accounts. But, the scheme does not cover housewives and the Women's Foundation estimated that about one million Hong Kong women aren't qualified to the MPF. The city's scheme also weakened among other schemes globally as it failed to meet the future needs of pensioners, as per a worldwide study published in October.
Meanwhile, female respondents also said their major concerns were daily and medical expenses, wherein 72 percent said they don't have enough money to pay medical bills and almost half thinking they will be struggling on paying their necessities after retirement. Also, most female respondents are not managing their finance as the believed they lack the knowledge to do so, with 39 percent said they couldn't understand what experts were saying.
