Over half of Hong Kong workers say AI makes retirement planning harder: survey
A survey by T. Rowe Price finds 55 per cent of Hong Kong workers say AI makes retirement prospects harder to predict. 44 per cent say they need more savings due to AI's potential impact on jobs and income. Only 21 per cent feel financially prepared for AI-driven changes.
A retirement survey by global asset manager T. Rowe Price has found that 55 per cent of Hong Kong workers believe the growing use of artificial intelligence in the workplace makes retirement prospects harder to predict. The survey, conducted in August, polled more than 1,000 Hong Kong residents aged 30 or above with a monthly work income of at least HK$15,000.
According to the findings, 44 per cent of respondents said they need to prepare more retirement funds, given AI's potential impact on their jobs, income and retirement arrangements. Only 21 per cent said they would have sufficient financial preparation if AI changes their work, income or retirement plans.
The survey also showed that 72 per cent of workers expect to transition to retirement in multiple stages, rather than moving directly from full-time work to full retirement. Meanwhile, 63 per cent believe the demand for flexible retirement arrangements will increase as AI becomes more prevalent in the workplace.
Nearly 60 per cent of respondents estimated they would need more than HK$5 million in savings and investments to retire comfortably, with 22 per cent saying they would need over HK$10 million. The survey noted that workers aged 30 to 39 were particularly uncertain about their retirement prospects, suggesting that those with more time before retirement may need to prepare more for changes to their work, income and retirement plans.
In response to AI, 70 per cent of respondents expect to learn new skills to adapt to the changes brought by AI, while 49 per cent expect AI to affect their employment or business income. The survey found that 81 per cent have already invested or would consider investing time or money in developing skills that may become more valuable in the AI era. Additionally, 73 per cent have already used or would consider using AI for freelance, consulting or project work, and 58 per cent would use AI to start a business or develop a side hustle.