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One in three women in Asia not saving for retirement: HSBC survey

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ONE in three women in Asia-Pacific are not saving specifically for retirement, a HSBC survey on Thursday showed.

ONE in three women in Asia-Pacific are not saving specifically for retirement, a HSBC survey on Thursday showed.

And more women than men in Asia-Pacific say that their cost of living is increasing faster than their income, compared with a year ago.

In Singapore, 64 per cent of women see their living expenses overshooting their income growth, compared with 52 per cent of men who feel the same. The survey included 1,000 respondents from Singapore.

The 64 per cent response is the highest for women surveyed in the region, but is likely to reflect higher cost concerns for Singapore as well. The average figure stands at 42 per cent for women in Asia who were concerned with escalating costs against income, versus 36 per cent of men.

This comes as women, with an average life expectancy of 72.7 years, live 4.5 years longer than men, data from the World Health Organization showed.

Yet, instead of setting aside money for retirement, women are paying down mortgages and other debts, the survey noted.

The poll also showed that women had a slightly higher preference for holding cash compared with men. But the purchasing power of cash is likely to be eroded by inflation over the long term, said Matthew Colebrook, head of retail banking and wealth management, HSBC Singapore, in a press statement.

The survey covered 16,000 people in 15 markets.