The Future of Retirement - HSBC · beginnings - the twelfth in the Future of Retirement series –...

The Future of Retirement Healthy new beginnings

The Future of RetirementHealthy new beginnings

Canada Report


Foreword

Practical stepsOverview Healthy living

The doubts

The possibilities

Key findings

The research


Foreword

Retirement can be an opportunity for reinvention, to spend more time withfamily and friends or just to have fun. Yet our new global report, Healthy newbeginnings - the twelfth in the Future of Retirement series – shows that forworking age people, putting money aside for a comfortable and healthyretirement is not always easy.

Sensible financial planning while you are still working can play a part, helpingyou to make balanced decisions about preparing and saving for retirementand healthcare later in life. It will also allow you to approach life’s big events –your first home, the birth of your children, their first day at school – knowingthat you have prepared for the future.

I hope that the new insights and practical steps in this report will help youmake the best plans for your future, and enjoy a healthier and happierretirement.

Charlie NunnGroup Head of Wealth Management, HSBC


Overview

The possibilitiesWorking age people are looking forwardto retirement. It’s a time to get healthy,spend time with friends and family andengage in new activities.

With good reason: today’s retirees saytheir relationships, social life andstandard of living improved once theystopped working.

The doubtsYet many working age people still feelapprehensive. Aspirations are fine, but they don’tknow whether they’ll be healthy or wealthyenough to make the most of their retirement.

There are many life events that can throw plansoff course. Weddings, mortgages, school fees,university tuition, hospital bills or caring for elderlyparents can all be costly. Not surprisingly, manyworking age people are unsure of their ability tofund their dream retirement.

Healthy livingLife after work can be an opportunity tobounce back to a healthier and more activelifestyle. Retirees are more likely to rate theirhealth as good for their age than pre-retireesand take more active steps to reduce the riskof poor health in the future.


Key findings

of pre-retirees aged 45+would retire in the next5 years if they could

74%of pre-retirees aged 45+ who wouldlike to retire say it is because work ishaving a negative impact on theirmental and/or physical health

25%

of retirees say their relationshipwith their spouse or partnerimproved when they retired

25%



Key findings

of pre-retirees believe thatpoor health will makesaving for their retirementmore difficult

74%of pre-retirees are unable topredict how much they arelikely to spend on healthcarein retirement

75%

of retirees eat a healthy diet toreduce the risk of poor healthin the future, compared to 61%of pre-retirees

74%of retirees rate their health asgood for their age, compared to43% of pre-retirees

55%



Q. Would you like to retire in the next 5 years, if yourcircumstances allowed you to? (Base: Pre-retirees aged 45+)Q. And realistically, would you be able to retire in the next 5years if you wanted to? (Base: Pre-retirees aged 45+ whowould like to retire in the next 5 years)

Not everyone can retirewhen they want to

The possibilities

of them are unable to

45%

of pre-retirees aged 45+ wouldlike to retire in the next 5 years

74%


The desire to retire74% of pre-retirees aged 45+ would liketo retire in the next 5 years, but 45% ofthem are unable to.

The desire to retire is most commonamong pre-retirees aged 45+ who areliving with a partner (78%) or married(75%), compared to those who aresingle (59%).

The main barriersare financialMany pre-retirees aged 45+ who wouldlike to retire but are unable to, say this isbecause they would struggle financially:

75% haven’t saved enough 35% have a lot of debt 23% have dependants who rely

on their income

98% of female pre-retirees aged 45+say they face at least one of these threebarriers, compared to 88% of men.

The possibilities


Financial hardship is the main barrier to retirement

Q. Why would you not be able to retire in the next 5 years? (Base: Pre-retirees aged 45+ who would like to retire in the next 5 years but are unable to)

75% 35%

9%

I would strugglefinancially, I haven'tsaved enough

I would strugglefinancially, I havea lot of debt

14%It would be toosoon, I still havea lot to give

23%

I have dependantswho rely on myincome

I have workcommitments

6%I am not mentallyprepared forretirement

5%Other

?

The possibilities

93%would strugglefinancially


A quarter of peopleaged 45+ who wantto retire in the next5 years say it’sbecause work has anegative impact on theirhealth

Q. Why would you like to retire in thenext 5 years? (Base: Pre-retirees aged45+ who would like to retire in the next 5years)

The possibilities

mental and/orphysical health25%


Reasons for retiringMany people aged 45+ want to retire inthe next 5 years for positive reasons:

59% want the freedom to travel or topursue other interests

36% want to spend more time withtheir family

24% want to join their partner inretirement

18% want to pursue another careeror voluntary work

However, some want to retire in the next5 years for negative reasons:

35% say they are tired of theeveryday routine of work

25% say work is having a negativeimpact on their mental and/orphysical health

The possibilities


Reasons pre-retirees aged 45+ would like to retire in the next 5 years

Q. Why would you like to retire in the next 5 years? (Base: Pre-retirees aged 45+ who would like to retire in the next 5 years)

Join my partnerin retirement

Tired of the everydayroutine of work

Spend more timewith family

Freedom to travel or topursue other interests

Pursue another careeror voluntary work

Achieved everythingI can in my career

Work is having a negativeimpact on my physical health

Work is having a negativeimpact on my mentalhealth/wellbeing

No longer satisfied with mycareer

A lot of my friendsare retiredWork having a negative

impact on my relationships

4%

23%

The possibilities

Work is havinga negativeimpact on mymental and/orphysical health

13%

14%

14%

18%

18%

18%24%

35%

36%

59%

25%


The possibilities

RetireesPre-retirees

My standard ofliving

28%

26%

Relationships withparents

18%

3%

Relationships withgrandchildren

22%

2%

Relationships withmy children

25%

3%

Improve a little/a lot Get a little/a lot worse

Q. Thinking about the following aspects of your life, to what extent do you expect them toimprove or get worse when you retire, or will they the stay the same? (Base: Pre-retirees)

Pre-retirees

My social life

37%

8%

Relationship withspouse or partner

29%

5%

Relationships withfriends

31%

5%

Working age people expect many aspectsof their life to improve in retirement


The possibilities

RetireesRetireesPre-retirees

Improved a little/a lot Got a little/a lot worse

Q. Thinking about the following aspects of your life, to what extent have they improvedor got worse since you retired, or have they stayed the same? (Base: Retirees)

27%

17%

My social life

7%

2%

Relationships withparents

23%

2%

Relationships withgrandchildren

26%

4%

Relationships withmy children

25%

9%

Relationship withspouse or partner

18%

15%

Relationships withfriends

27%

22%

My standard ofliving

Many aspects of life have improvedfor retirees since they stopped working


Friends Spouse or partner Children Grandchildren

31%29%25%22%

It’s good to be retiredMany working age people are optimisticabout life during retirement, expectingthat their relationships, social life andstandard of living will improve.

37% expect they will have a better sociallife and 28% believe they will have abetter standard of living.

Relationships they expect to improve inretirement are those with their:

Retirees bear out these expectations,with many confirming that relationshipsdid improve in retirement with their:

Men Women

Spouse or partner 30% 28%

Children 26% 24%

Grandchildren 24% 20%

Children Spouse or partner Grandchildren Friends

26%25%23%18%

Men are more likely to expect thatrelationships with their family memberswill improve in retirement:

27% saw an improvement in their sociallife and 27% in their standard of living.

The possibilities


Retirees in Canada are less likely to say their standard of living improved after they stopped working

Q. Thinking about the following aspects of your life, to what extent have they improved or got worse since you retired? A. Improved a little/ a lot (Base: Retirees)

59%

51%

46%44%

42% 42% 42%39% 39%

37%35%

31% 30% 29% 29%27%

13%

The possibilities


More pre-retireesexpect their healthand financialsituation to get worsethan improve

Q. Thinking about the following aspectsof your life, to what extent do you expectthem to improve or get worse when youretire, or will they the stay same?(Base: Pre-retirees)

The possibilities

Road to retirement

Get worse Improve

31% 28%Financialsituation

31% 22%Overall health


The possibilities

Retirees’ experiencesIn line with pre-retirees expectations,retirees confirm that:

19% saw their financial situationimprove, while 27% saw it got worse

17% saw their overall health improve,while 28% saw it get worse

32% of retired women say their financialsituation got worse after stopping work,compared to 24% of men. The decline inoverall health is similar, with 30% ofwomen saying it got worse in retirement,compared to 27% of men.

Pre-retirees’ expectationsThe expectations of working age peopleare divided:

28% expect their financial situationwill improve in retirement, while 31%expect it will get worse

22% expect their health will improvein retirement, while 31% expect it willget worse


Nearly one in three retired women say that their financial situation hasgot worse in retirement

Q. To what extent has your financial situation improved or got worse since you retired, or has it stayed the same? (Base: Retirees)

24%

32%

21%

17%

Improved a little/ a lotGot a little/ a lot worse

My financial situation My overall health

The possibilities

Men Women


Both retired men and women are more likely to say that their overallhealth has got worse in retirement than improved

Q. To what extent has your overall health improved or got worse since you retired, or has it stayed the same? (Base: Retirees)

27%

30%

16%18%

My financial situation My overall health

The possibilities

Men Women

Improved a little/ a lotGot a little/ a lot worse


Having poorhealth

Buyinga home

Q. What impact, if any, do you thinkeach of the following life events wouldhave on saving for your retirement?A. Would make saving more difficult(Base: Pre-retirees)

More pre-retireessee these lifeevents as a barrierto retirementsaving

My partnerbecoming ill

Gettingdivorced

74%

55%

43%44%

Pre-retirees Retirees

The doubts

Caring forelderly parents

45%


20%15%

42%

22%


Q. What impact, if any, did each of thefollowing life events have on saving foryour retirement? A. Made saving moredifficult (Base: Retirees)

Fewer retirees saythese life eventswere a barrier toretirement saving

The doubts

Having poorhealth

Buyinga home

My partnerbecoming ill

7%

Gettingdivorced

Caring forelderly parents


Life events makesaving more difficultPre-retirees expect some life events tomake retirement saving more difficult.

Their top five are:

becoming ill would have a negativeimpact on saving for retirement,compared to those with CAD 25,000-64,999 (49%) and less than CAD2 5,000(29%).

Retirees reveal that other life events hadmore impact on their retirement saving.

Their top five were:

Having poor health My partner becoming ill Buying a home Getting divorced Caring for elderly parents

74%55%45%44%43%

Buying a home Having children Sending children to school Sending children to university Getting divorced

42%38%34%29%22%

For retirees, having poor health (20%) isless likely to have been an obstacle toretirement saving. Instead, buying ahome (42%) and having children (38%)were the life events most likely to impacttheir retirement saving.

A higher proportion of working agewomen (79%) think that having poorhealth would make retirement savingmore difficult, than men (69%).

Pre-retirees with an annual householdincome of more than CAD 65,000 (64%)are more likely to think that their partner

The doubts


The life events that made retirement saving more difficult for retirees are not in line with pre-retirees'expectations

Q. What impact, if any, do you think each of the following life events would have on saving for your retirement? A. Would make saving more difficult (Base: Pre-retirees)Q. What impact, if any, did each of the following life events have on saving for your retirement? A. Made saving more difficult (Base: Retirees)

The doubts

Retirees Pre-retirees

Buying a home

Having children

Sending children to school

Sending children to university

Getting divorced

Having poor health

Attending university

Getting married

My partner becoming ill

Having grandchildren

Caring for elderly parents

My partner passing away

My children leaving home

My parents retiring

Receiving an inheritance

42%

38%

34%

29%

22%

20%

19%

17%

45%

34%

32%

38%

44%

74%

33%

15%

15%

7%

7%

5%

5%

2%

1%

55%

19%

43%

40%

5%

9%

3%


Many people worryabout poor health inretirement

Q. Do you worry about poor healthinterfering with the following in yourretirement? (Base: Pre-retirees andretirees)

43%My comfort

41%My financialwellbeing

42%My ability to takecare of myself

The doubts

42%My mobility

Their main concerns are:


Poor healthPre-retirees and retirees are concernedthat poor health will affect them inretirement. They are particularlyconcerned about their:

Full-time care44% of working age people have eitherneeded full-time care themselves orhave known someone who has.

Compared to pre-retirees who haven'texperienced full time care, those whohave are more concerned about their:

Comfort 43% Ability to care for themselves 42% Mobility 42% Financial wellbeing 41%

Married people are less likely to worrythat poor health will interfere with theirmobility in retirement than those who areunattached:

The doubts

Have experienced

full-time care

Yes No

Comfort 52% 38%

Financial

wellbeing51% 41%

Mobility 50% 35%

Ability to take care ofthemselves

49% 38%

Divorced Single Married

48%45%37%


Q. Do you worry about poor health interfering with the following in your retirement? A. Worried (Base: Retirees)

The doubts

45% 44% 43%41%

37% 37%35% 34% 33%

27%30%

41% 41%43%

39%

29%

35%

20%

26%29%


My financialwellbeing

My comfort My ability totake care of

myself

My mobility My level ofphysical activity

My mentalwellbeing

My ability to dotasks around

the house

My ability towork

My ability totake care of

others

My social life

Pre-retirees are more likely than retirees to worry about poor health interfering with their financialwellbeing and their ability to take care of others in retirement


The majority ofworking age peopleare unable to predicthow much they arelikely to spend onhealthcare inretirement

Q. How much in total do you think youwill spend on healthcare provisionsand/or treatment for yourself in yourretirement? A. Don’t know(Base: Pre-retirees)

75%of pre-retireesdon't know howmuch they arelikely to spend onhealthcare inretirement


Uncertainty aroundhealthcare expenditure75% of working age people do not knowhow much they will spend on healthcarewhen they retire, including 84% of thoseliving in low income households.

A higher proportion of working agepeople who rate their current health asabove average (77%) are unable topredict their healthcare expenditure inretirement, than those who rate theircurrent health as average (72%) andbelow average (72%).

The doubts

The cost of healthHealth-related costs can beconsiderable in retirement, and are likelyto increase with age.

41% of 25-34 year olds spend moneyon prescriptions/ medicines, and15% ondoctors or dieticians. The proportion ofthose aged 65+ spending on theseoutgoings rises to 68% and 24%respectively.

Prescriptions and medicines are thelargest financial outgoing for9% ofpeople aged 65+.


As people reach 65, they are significantly more likely to spend on medicines and doctors

Q. What financial outgoings, if any, do you currently have? (Base: Pre-retirees and retirees)

The doubts

68%

57%

38%

44%

41%

24%

13%

14%

12%

15%25-34

35-44

45-54

55-64

Doctor ordietician

Prescriptionsand medicinesAge

65+


Q. Which of the following, if any, are youcurrently doing to reduce the risk of poorhealth in the future? (Base: Pre-retireesand retirees)

Eating ahealthy diet

Being physicallyactive

Taking holidays orrelaxing breaks

Reading, doing puzzles andgenerally keeping brain active

Having regularmedical check ups

Taking vitaminsupplements

Giving up on excesse.g. smoking

Working and/or volunteering

Taking prescription medicine toprevent future conditions


61%

74%

60%

63%

40%

51%

41%

63%

44%

67%

33%

48%

34%

42%

32%

30%

23%

51%

None of these

6%

1%

Retirees are doingmore than pre-retirees to reduce therisk of poor health inthe future

Healthy living


Healthy futuresRetirees are more likely to take action toreduce the risk of poor health in the future:

74% eat a healthy diet, compared to61% of pre-retirees

67% have regular medical check ups,compared to 44% of pre-retirees

Retired men and women take differentapproaches.

Among retired women: 74% read, do puzzles and generally

keep their brains active, compared to55% of men

61% take vitamin supplements,compared to 38% of men

Among retired men: 55% take prescription medicine,

compared to 45% of women 48% have given up on excess,

compared to 33% of women

Healthy living

Prevention versus cureRetirees are more likely to takepreventative health steps thanpre-retirees:

51% take prescription medicine toprevent future conditions, compared to23% of pre-retirees

42% have given up on excess e.g.smoking, compared to 34% of pre-retirees

Among retirees who rate their health asabove average for their age: 80% eat a healthy diet 72% are physically active 62% read, do puzzles and generally

keep their brains active

Among retirees who rate their health aseither average or below average for theirage: 67% have regular medical check-ups 63% take prescription medicine


The actions retirees take to reduce the risk of poor health vary according to the length of retirement

Retired 6 years or moreRetired 5 years or less

Q. . Which of the following, if any, are you currently doing to reduce the risk of poor health in the future? (Base: Retirees)

72%66%

63%60%

49% 47%42% 41%

30%

1%

76%

59%

71%66%

55%

48%

62%

43%

29%

1%

Eating ahealthy diet

Beingphysically

active

Takingholidays or

relaxing breaks

Reading, doingpuzzles and

generallykeeping brain

active

Taking vitaminsupplements

Giving up onexcess e.g.

smoking

Working orvolunteering

Takingprescriptionmedicine to

prevent futureconditions

Having regularmedical

check ups

None of these

Healthy living


Q. How would you rate your current levelof health for someone at your age?A. Good for my age(Base: Pre-retirees and retirees)

Retirees are morelikely than pre-retirees to ratetheir health asgood for their age

Pre-retireesRetirees 43%55%


The retirement bounceWith more time to spend on healthyliving, retirees are more likely than pre-retirees to rate their health as good fortheir age.

55% of retirees rate their health as goodfor their age, compared to 43% of pre-retirees.

Retired women are more likely to ratetheir health as good for their age thanmen, while among pre-retirees thedifference between gender is lessnoticeable:

Healthy living


Men 51% 41%

Women 59% 44%

Frail retirementWhile many experience improved healthin early retirement, this is less true inlater retirement.

47% of retirees who have been retiredfor more than 10 years rate their healthas above average for their age,compared to 57% that have been retiredfor less than two years.

Retirees with children are more likelythan those without children to rate theirhealth as good, this trend is alsoreplicated amongst pre-retirees:


Have children 56% 45%

No children 50% 40%


Pre-retirees aremore likely thanretirees to reportthat somethingprevents them fromleading a healthierlifestyle

Retirees

Q. What, if anything, currently prevents youleading a healthier lifestyle?A. Nothing prevents me(Base: Pre-retirees and retirees)

Healthy living

of retireessay somethingprevents them38%

of pre-retireessay somethingprevents them64%

Pre-retirees


Bringing down barriersto healthier livingMany factors can prevent people fromleading a healthier lifestyle. Retirees areless likely than pre-retirees to identifysuch barriers.

Something prevents 64% of pre-retireesfrom pursuing a healthier lifestyle,compared to 38% of retirees.

For pre-retirees, time and cost are themain barriers to pursuing a healthierlifestyle:

26% blame a lack of free orleisure time

24% say affordability/ it is tooexpensive

For retirees existing poor health can bea barrier. 13% say this or other medicalconditions prevent them from leading ahealthier lifestyle.

Single retirees are more likely to saythat poor health can be barrier;17% ofunattached retirees say this incomparison to 10% of retirees in arelationship.

Healthy living


Retirees encounter fewer barriers to leading a healthierlifestyle

Q. What, if anything, currently prevents you leading a healthier lifestyle? (Base: Pre-retirees and retirees)


62%

15%13%

7%4%

2% 2%0%

7%4%

36%

24%

12%

5%7%

26%23%

3%6% 5%

Nothingprevents me

Something elseprevents me

Don’twant to

Poor health/medicalcondition

Affordability/it is too

expensive

Not sure aboutthe difference

it will make

Workcommitments/

too busy

Lack of adviceabout leading

a healthylifestyle

available

Lack ofhealthcareservices/access totreatments

Lack of free/leisure time

Healthy living


Many factorswould help peopleto lead a healthierlifestyle

Q: What, if anything, would help you tolead a healthier lifestyle?(Base: Pre-retirees and retirees)

of retirees saycheaper healthyfood

40%

of pre-retirees saycheaper gymmembership

19%

of retirees sayadvice fromhealthcareprofessionals

16%

of pre-retirees saymore free time

37%

Healthy living


Looking backRetirees identify key factors that wouldhelp them make healthier choices now,than while they were still working:

Inretirement

Whenworking

Cheaperhealthy food

40% 24%

Better foodlabelling

19% 9%

Easier accessto healthcareservices/treatments

16% 15%

Healthier workingPre-retirees are more likely to point toother means to help them lead ahealthier lifestyle:

Cheaper healthy food 43% More free time 37%

Working age men and women havedifferent views as to what would helpthem lead a healthier lifestyle:

Women are more likely than men to cite:Working age men are more likely thanwomen to cite:

Healthy living

Women Men

Cheaper healthy food 44% 36%

More free time 40% 34%

Cheaper gym

membership23% 15%

Men Women

Better food labelling 18% 14%

Advice from healthcareprofessionals

14% 7%


Pre-retirees and retirees plan different routes to a healthierlifestyle

40%

19%

16%

16%

13%

13%

13%

43%

16%

14%

10%

22%

15%

15%

More free time

Pre-retireesRetirees

Cheaper healthy foodCheaper gymmembership

Financial support fromfriends or family

Encouragement fromfriends and family

Financial incentives/rewards

Those around me leadinga healthier lifestyle

Easier access to sportsand activities

Better food labelling


Easier access tohealthcare services/treatments

More flexible workingenvironment

Something else wouldhelp me

Nothing would help me

Pre-retiree vs Retirees Retirees now vs Retirees looking back

Q. What would help you to lead a healthier lifestyle? (Base: Pre-retirees and retirees)

Healthy living

12%

11%

5%

2%

1%

6%

34%

19%

15%

37%

7%

21%

4%

16%


40%

19%

16%

16%

13%

13%

13%

24%

9%

12%

15%

12%

11%

13%

Retirees looking backRetirees now

Q. What would help you to lead a healthier lifestyle? (Base: Retirees)Q. And thinking back to before you retired, what if anything would have helped you make healthier choices? (Base: Retirees)

Healthy living

12%

11%

5%

2%

1%

6%

34%

9%

11%

31%

1%

16%

6%

37%

Retirees take different routes to a healthier lifestylethan when they were working

Pre-retirees vs Retirees Retirees now vs Retirees looking back

More free time

Cheaper healthy foodCheaper gymmembership

Financial support fromfriends or family

Encouragement fromfriends and family

Financial incentives/rewards

Those around me leadinga healthier lifestyle

Easier access to sportsand activities

Better food labelling


Easier access tohealthcare services/treatments

More flexible workingenvironment

Something else wouldhelp me

Nothing would help me


Practical steps

Start savingfor an earlierretirement

1Plan fora longerretirement

2Aim fora healthierretirement

3Consider howyour healthcareneeds maychange inretirement

4

Here are some important insights and practical actions drawn from the research findings, which may help today’sretirement savers plan a better financial future for themselves.


Start savingearly foran retirementearly

1 2Aim fora healthierretirement


4


Practical steps

93%of pre-retirees aged 45+ whowould like to retire in thenext 5 years but are unableto, say it is because theywould struggle financially

Improve your chances ofretiring when you want to, bystarting your retirementsaving as early as possible

Plan fora longerretirement



1Prepare fora longer andmore activeretirement

2Aim fora healthierretirement


4


Practical steps

25%of retirees say theirrelationship with theirspouse or partner improvedin retirement

Ensure you have a financialplan in place to make themost of this new chapter inyour life


Aim towardsa healthierretirement


1 2 3Consider howyour healthcareneeds maychange inretirement

4


Practical steps

64%of pre-retirees say thatsomething prevents themfrom leading a healthierlifestyle

Don’t wait until you havestopped working to takeactive steps to improve yourhealth




1 2Aim fora healthierretirement


4


Practical steps

75%of pre-retirees are unable topredict how much they arelikely to spend on healthcarein retirement

Consider your financialobligations throughoutretirement and make surethat potential healthcareneeds are included in yourplan



The researchThe Future of Retirement is aworld-leading independent researchstudy into global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.

This report, Healthy newbeginnings, is the twelfth in theseries and represents the views of18,207 people in 17 countries andterritories.

Since The Future of Retirementprogramme began in 2005, morethan 159,000 people have beensurveyed worldwide.

Survey

The 17 countries and territories are:

Argentina Australia Brazil Canada China Egypt France Hong Kong India

Indonesia Malaysia Mexico Singapore Taiwan United Arab Emirates United Kingdom United States

The findings are based on anationally representativesurvey of people of workingage (25+) and in retirement, ineach country or territory. Theresearch was conducted onlineby Ipsos MORI in Septemberand October 2015, withadditional face-to-faceinterviews in Egypt and theUAE.

This country report represents the views of 1,037 people in Canada.





Definitions

All references to income refer to grossannual household income.

Global figures are the average of allcountries and territories surveyed.

All figures are Canada unless statedotherwise.

Figures have been rounded to thenearest whole number.





HSBC Holdings plc, the parentcompany of the HSBC Group, isheadquartered in London. The Groupserves customers worldwide fromaround 6,100 offices in 72 countriesand territories in Asia, Europe, Northand Latin America, and the MiddleEast and North Africa. With assets ofUS$2,549bn at 30 September 2015,HSBC is one of the world’s largestbanking and financial servicesorganisations.

About HSBC





Copyright

© HSBC Holdings plc 2016All rights reserved.

Excerpts from this report may be used or quoted, provided they areaccompanied by the following attribution: ‘Reproduced withpermission from The Future of RetirementHealthy new beginnings,published in 2016 by HSBC Holdings plc.’

HSBC is a trademark of HSBC Holdings plc and all rights in and toHSBC vest in HSBC Holdings plc. Other than as provided above, youmay not use or reproduce the HSBC trademark, logo or brand name.

Published by HSBC Holdings plc, London

www.hsbc.com > Retail Banking and Wealth Management

HSBC Holdings plc8 Canada Square, London E14 5HQ

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