Taiwanese retirees need a household income of at least NT$55,000 (US$1,750) per month to maintain a comfortable standard of living, but more than half of people of working age are not planning their retirements adequately, a survey conducted by HSBC Holdings PLC said.
The survey — which polled 16,000 people in 15 nations — found that Taiwanese retirees required a lower level of disposable income to maintain a comfortable standard of living than those living in Hong Kong or Singapore.
Although about 80 percent of respondents have household incomes above NT$55,000, more than 40 percent said they had not prepared enough, the survey said.
In addition, 60 percent of respondents of working age expressed worries that they would not be able to save enough money for retirement, the survey showed.
“Most people of working age would not see saving for retirement as their main priority,” HSBC Bank (Taiwan) Ltd wealth management vice president Steve Chuang (莊懷德) said at a news conference on Thursday last week.
In Taiwan, more than one-third of working-age respondents have not started saving money for retirement, which is slightly higher than the global average, HSBC said in a statement.
More than half of working-age respondents said paying their mortgage and other debts remains the largest barrier preventing them from saving enough for retirement, while around 40 percent said they would not have enough for daily expenses if they saved adequately, the statement said.
Other respondents said confusion about how much they should prepare or how early they should start had prevented them from making significant savings, the statement added.
Other key reasons for a retiree’s savings shortfall include the negative impact of the economic downturn and other unexpected life events, the statement said.
However, nearly 60 percent of retired respondents suggested people still of working age start preparation before 40, the survey said.
Chuang said the working population and retirees in Taiwan both rely heavily on cash deposits as their source of finances for retirement, with some people also preparing via personal pension schemes and insurance.
However, with the current low interest rates in Taiwan, Chuang said that to make adequate financial preparations for retirement, people should make more multi-asset investments and maintain investments with growth and fixed income schemes.
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