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Hong Kong will Become a Super-Ageing Society in 2024 Advocating Joint Planning to Overcome Ageing Challenges Calling for Cross-sector Collaboration to Support Seniors & Caregivers BOC Group Life Assurance Company Limited (“BOC Life”) and the Golden Age Foundation (“GAF”) jointly released the “Ageing Together” White Paper today. The study explores the roles, pain points, and needs of seniors and caregivers in Hong Kong. The survey conducted for the White Paper found that caregivers also need attention and care. Given the differences in perception between seniors and caregivers regarding the current situation and expectations of seniors’ retirement life, caregivers should participate in the early planning the retirement of seniors. All sectors of society should strengthen cooperation to promote the development of elderly services and build an “age-friendly” city. According to data from the Hong Kong Census and Statistics Department, the proportion of people aged 65 and above in Hong Kong is expected to exceed 21% in 2024, thus entering the “super-ageing society.” Hong Kong's average life expectancy has consistently ranked among the highest in the world. According to a population analysis by the United Nations earlier this year, by 2050, Hong Kong is expected to have the world’s oldest population, with one in every 2.5 residents being a senior citizen. Addressing the ageing population issue has become urgent. To gain a deeper understanding of the retirement life of Hong Kong’s seniors as well as the experiences, pain points, and needs of seniors and caregivers, BOC Life conducted a quantitative research survey with 952 retired individuals and caregivers from middle-class or above families, and qualitative research through home visits to working caregivers. This White Paper, jointly released by BOC Life and GAF, has incorporated expert opinions from Prof. Vivian Lou, Director of the Sau Po Centre on Ageing at The University of Hong Kong, and Prof. Joshua Mok, Vice President of Lingnan University. Based on the survey results, the research team constructed the “Ageing Well Index”, covering four major aspects of elderly life: health, financial situation, family and relationships, and community support, to understand the satisfaction levels of seniors with their current lives. Survey results show: The “Ageing Well Index”, established through the White Paper survey, shows an average score of 6.0 out of 10, with relatively lower satisfaction levels in health and community support. While the majority of seniors undergo regular body check-ups, over 90% worry about serious health risks, over 80% about physical activity and memory and cognitive abilities, and over 60% about their mental health. The White Paper suggests that the best time for retirement planning is between the ages of 35 and 50. People between these ages with caregiving responsibilities should not only plan for their own retirement but also the elderly arrangements of their parents. The survey found that 81% of the interviewed retirees are satisfied with their present situation, but only 63% of caregivers believe their retired parents are satisfied with their present situation. For caregivers of seniors aged 80 or above, only 46% believe their parents are satisfied with their present situation. As seniors get older, the perception gap between seniors and caregivers regarding their life satisfaction widens, which may affect their caregiving and planning needs or hinder timely responses to emergencies. Financially, although 73% of interviewed seniors are satisfied with their financial arrangements, they still have financial worries. About half of the seniors use their pre-retirement monthly expenses as a benchmark for how much they would need during retirement. About 40% indicate they have not engaged in any financial planning for their retirement, indicating inadequate detailed preparation for future expenses. Among the interviewed caregivers, 85% belong to the “sandwich generation”, juggling their own careers while taking care of their families and elderly parents. Over 52% of caregivers express concern that future expenses for taking care of their parents will affect their financial plans or savings. The White Paper suggests that the best time for retirement planning is between the ages of 35 and 50. People between these ages with caregiving responsibilities should not only plan for their own retirement but also the elderly arrangements of their parents. This approach will not only enable caretakers to help their ageing parents feel more assured about their future, but also to be better equipped for planning their own retirement and care arrangements. The relevant planning should consider: The importance of early participation in and preparation for caregiving and planning. Prevention and management of related risks, including financial, health, and environmental risks. Continuous learning to enhance autonomy and skills (after retirement). Exploring and understanding related products and services that will help enhance post-retirement quality of life. Mr. Wilson Tang, Chief Executive of BOC Life, states, “Through this White Paper, BOC Life hopes to raise awareness among all sectors of society about the profound impact of ageing on individuals and the society. By incorporating the expertise and the experiences of the business community, social welfare sector, and academia, we can jointly develop the retirement services in Hong Kong, transform the elderly care ecosystem, and achieve synergy for the overall benefit of seniors, family caregivers, and the entire industry. We hope to establish Hong Kong as an 'age-friendly' sustainable city and contribute to the realisation of the mission to promote their sense of belonging, sense of security and sense of worthiness.” Mrs. Rebecca Choy Yung, Founder and Chairman of Golden Age Foundation, said, “To overcome the challenges posed by the ageing population, the business sector should leverage their business acumen and strategic thinking to satisfy the new needs of the middle-aged and the elderly, creating business for social good and shared value.” Prof. Vivian Lou, Director of the Sau Po Centre on Ageing at The University of Hong Kong, said, “Most caregivers are middle-aged or older females. Elderly care entails great expenses. All sectors in the society should recognise the contributions of caregivers, and support them to keep their jobs while caring for their older family members and be able to better balance between work and family.” The White Paper presents new insights into future elderly care services, proposing the collaboration of “insurance + elderly care services” to promote the development of the elderly care service industry, treating retirement planning as risk management, constructing a comprehensive risk assessment and management system, emphasising the participation of caregivers in seniors' retirement planning because “today's caregivers are tomorrow's seniors”. Early participation of caregivers in their parents’ retirement planning is mutually beneficial. The paper also advocates for continuing education for retired seniors to enhance their retirement planning capabilities, exploring the “insurance + service" model, and promoting coordinated development of elderly care services in the Greater Bay Area to improve the quality of life for seniors in both regions.

BOC Group Life Assurance Company Limited (BOC Life) joint hands with St. James’ Settlement in staging the 2022-2023 “New Generation Financial and Technology Designers’ Programme” (the Programme) Competition cum Graduation Ceremony today, with the winners of the year selected by the judges at the event. The Programme aims to promote STEAM education1 in Hong Kong - students are empowered through coding learning to unleash their creativity and potential in science and research. More to this, the Programme also strives to build students’ awareness and habits of caring the environment from an early stage, the elements of environmental protection were incorporated in the program curriculum. Since its inception in 2021, the Programme has benefited a total of close to 310 underprivileged students from 11 primary schools. Vivienne Chiu, BOC Life’s Chief Brand and Communications Officer, said: “BOC Life actively practices corporate citizenship through cross-industry collaboration to create diverse social value and multiple wins. Education is a key part of BOC Life’s philanthropic agenda.” Ms. Chiu added, “We are very pleased to partner with St. James’ Settlement in fostering STEAM education while sowing the seeds of innovation and technology for the students. Through coding education, the Programme will help nurture students to become future talents in the field of innovation and technology. We are also grateful for the tremendous support from the Partnership Fund for the Disadvantaged under the Social Welfare Department, that benefits more participating students in the Programme.” The Programme offers two courses respectively for junior and senior primary students. Primary two and three students were enrolled on programming and environmentally friendly robotic workshops where they learned different coding techniques and practiced upcycling through making robots from recycled materials - the ocean-themed motors inspired school children to think about the harmfulness resulted by ocean debris. Primary four to six students took part in AI and wealth management programming workshops. Basic understanding of FinTech knowledge and its application was taught on top of the coding skills, with which students develop mobile phone apps tailored to support the underprivileged. In addition, students will also learn environmental protection concept through the second-hand items exchange app developed. “Our heartfelt thanks for the supports from BOC Life and Partnership Fund for the Disadvantaged of Social Welfare Department to the Programme. The Programme provides opportunities for the students to learn knowledge and application of STEAM. The Competition cum Graduation Ceremony today enables the students to learn from each other and, more importantly, to show their enormous creativity and their care to the community and environment. We hope that the Programme can inspire the students to innovate continuously and make use of what they had learnt,” said Wendy Cheung, Assistant Chief Executive Officer of St. James’ Settlement. The winning pieces of this year not only demonstrates the students’ boundless creativity, but also exhibit their talent for upcycling from transforming everyday materials. The entries employ various materials such as beverage cartons, micro:bit components, servos, LED lights, and rainbow electric cables. The applications successfully interweave the idea of technology and care for the environment in their daily lives. 1STEAM education refers to Science, Technology, Engineering, Arts and Mathematics.

Please refer to Chinese version

Please refer to Chinese version