A BlackRock study sheds light on the sort of retirement savings habits citizens have around the world, revealing that in Hong Kong the habit of storing up wealth for later life is more ingrained than anywhere else.

Hong Kong residents start to save money for retirement at higher rates than anywhere else in the world, according to a global study by BlackRock which drills into the financial habits and motivations of adults.

The BlackRock Global Investor Pulse survey interviewed 27,000 respondents, in 13 markets. In North America: the US and Canada; in Europe, Germany, Italy, Switzerland and the UK; In Latin America, Brazil, and Mexico; in Asia, China, Hong Kong, Japan, Singapore and Taiwan. In Hong Kong, the survey drew 1,071 responses. (This publication has sought the country data on 12 other nations and may update in due course.)

More than half (51 per cent) of Hong Kong residents want to ensure that they can maintain their standard of living in retirement, whereas over a third (39 per cent) wish to earn or accumulate enough money to retire or to retire early.

Wealth managers planning to tailor their offerings to the preferences of local populations may find these findings useful, especially if they can guide advisors on where to focus products and resources. A background factor in Hong Kong's case may be that for several decades, the jurisdiction has not had the kind of all-embracing welfare safety net of Western countries, therefore putting a premium on saving directly for old age.

While the notion of financial freedom prompts Hong Kong residents to start saving for retirement  (68 per cent), their ideal retirement now involves continuing to stay in the job market or doing volunteer work (36 per cent) and/or taking up a hobby (25 per cent). This was true across different age groups. In particular, those who are near retirement (aged 55 to 64) are more eager to engage in part-time or volunteer work (44 per cent vs 27 per cent for the same age group globally).

When asked what they will do with retirement investment when they retire, three out of five Hong Kongers aged above 50 said that they will keep investing, the highest ratio across all APAC markets. However, many Hong Kong investors intend to save without the help of professional financial advisors - less than 10 per cent said that they would work with a financial advisor to manage their retirement investment.