HSBC Quality Of Life 2024 Research: 5 Out Of 10 Individuals In Indonesia Plans To Keep Working In Old Age

Rich individuals in Indonesia are worried about inflation and health costs, so they plan to keep working after retiring.

JAKARTA - HSBC Quality of Life 2024's latest research reveals that financial health, mental health and physical fitness are interrelated factors that influence each other in determining the quality of life. Lacks in one factor can have an impact on others.

On the other hand, data from the World Health Organization (WHO) states that preventing financial uncertainty is one of the keys to maintaining mental health and physical fitness in old age.

In line with this, according to HSBC Quality of Life 2024 research, rich customers in Indonesia prioritize retirement planning as one of the three main objectives of their current financial plans.

However, 32% of affluent customers in Indonesia are still outside the comprehensive retirement planning line.

The cause is uncertainty about the required pension funds and inconsistent management of pension funds.

One of the findings from HSBC Quality of Life 2024 research, high-end customers in Indonesia consider USD 340,000. or IDR 5.37 billion (1 USD = IDR 15,796) to be the ideal number to enter retirement.

Interestingly, 5 out of 10 high-end individuals in Indonesia plan to continue working at an old age.

The plan to stay at work in retirement is related to concerns about a number of things. The biggest concern of high-end customers is not having enough funds to overcome the growing decline in physical health and health care costs.

They are also worried that inflation will beat the value of the pension funds that have been collected to enjoy a comfortable retirement, especially for those who will send their children abroad.

Lanny Hendra, Director of Wealth and Personal Banking of HSBC Indonesia, said, "Research of HSBC Quality of Life 2024 shows that the affluent class in Indonesia has a gap between aspirations and readiness regarding their retirement plans. Although it is considered one of the priorities, other aspirations such as sending children abroad, global economic pressure and increasing cost of living can be an aspect that makes retirement plans not achieved or even have no comprehensive plans.

HSBC aims to assist customers in designing comprehensive and sustainable plans. This approach aims not only to meet the current accumulated wealth needs, but also to provide peace of mind in the future according to the plans that have been set.

Retirement planning services allow customers to maintain a lifestyle in their old age, reduce financial stress, be financially independent, while improving the quality of mental health by feeling calmer, safer, and happy because of future financial guarantees.

Dalam acara Insights Day: HSBC Quality of Life 2024 di Jakarta, Sumirat Gandaraja, Head of Network Sales and Distribution HSBC Indonesia, membagikan tips untuk menyiapkan rencana pensiun yang akan membantu meningkatkan kualitas kehidupan di masa tua:

The sooner you start retirement planning, the greater the chance of maximizing investment growth and achieving financial goals. According to the survey, 77% of Gen Z and Millennials fall into the category of high-end customers are aware of the importance of retirement planning, but 50% do not have comprehensive plans.

Set retirement goals, calculate funding needs, and select investment instruments that match your risk profile and retirement period.

Financial conditions and life goals can change over time. Make sure to review and adjust your retirement plans regularly.

If you find it difficult to develop a retirement plan, consult with a professional financial planner to get the right guidance and suggestions.

Support For Quality Of Life Formation Factors

Responding to the gap between aspirations and realities related to financial planning in the affluent segment, as disclosed in this research, HSBC Premier presents financial solutions that include three important pillars, namely wealth management, lifestyle and wellness, and education abroad (international education).

HSBC Premier's wealth management solution prioritizes planning and financial advice from professional relationship managers using Financial Health Check devices.


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