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Edward Moncreiffe

Global life expectancy has risen by more than five years since the start of the century, and this is a wonderful thing. It means more years to enjoy with family and friends.
Demographic change also poses challenges, however. The number of people in the world aged 60 and above is predicted to reach 2.1 billion by the middle of this century. While some may enjoy good health well into their later years, others will increasingly need support.
Societies all around the world are grappling with the implications. When it comes to providing care, what are the roles of the state, individual and family? Can public services be redesigned to help us live independent and fulfilling lives for longer?
Hong Kong is at the sharp end of these challenges. Around one in six residents is already aged 65 or over, according to local authorities. More than 40,000 Hongkongers of working age care for older relatives.
While caring can be profoundly rewarding, carers may also find it difficult to combine their family responsibilities with paid work. This makes it harder for them to support themselves and plan for their own retirement. Businesses may also lose out on skills and experience if carers drop out of the workforce.


As Hong Kong ages further, these challenges will become acute. By 2040, the number of older people needing support is expected to more than double, with the direct cost of this “eldercare” rising from HK$38.8 billion (US$5 billion) in 2018 to HK$126 billion in 2040, and HK$222.4 billion by 2060. The indirect costs to employers and informal carers – in terms of lost productivity, skills and opportunities – will also rise steeply.
There are no easy solutions. But a new study, backed by HSBC Life, suggests practical steps that various organisations can take to support carers and their families.
Hong Kong carers have a ‘high risk’ of health problems, survey finds
Public authorities can help by drawing up a long-term strategy for family carers. It is important to acknowledge the valuable role that carers play, and to give them assistance. This could include access to professional training or funding for respite care.
Employers can create a welcoming culture for people who combine work and caring. Being open to requests for flexible and home working could help businesses retain skilled people who might otherwise quit. Employers can also provide resources for staff networks, so employees with caring responsibilities can support each other.
The insurance industry in Asia could learn from some of the long-term care solutions pioneered in North America and Western Europe
Insurance providers have a role to play, too. They have traditionally helped parents make provision for their children. Today, the industry should perhaps also be developing new products that enable children to make provision for their parents.
Meanwhile, there is a gap today in the insurance product range in Hong Kong in relation to products that allow customers to pay premiums today for guaranteed medical coverage and care support services into the future.
Some people may wish to anticipate their own potential need for care in the future. The insurance industry in Asia could learn from some of the long-term care solutions pioneered in North America and Western Europe. People buying these products pay premiums today for guaranteed medical coverage and support services in the future.
Last but not least, individuals should think about how they can prepare, both psychologically and financially, for potentially becoming carers themselves. Understanding the sources of support available to them could help them achieve peace of mind for the long term.
Many communities around the world need to deal with the consequences of ageing in the future, but Hong Kong is among the first to face the reality with its longest life expectancy in the world. This is a challenge. It is also an opportunity to show how – with the right planning – an ageing society can be a thriving society.
Edward Moncreiffe is Hong Kong chief executive officer at HSBC Life
 


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A more flexible working environment, funded respite care and innovative insurance policies can support Hong Kong’s more than 40,000 carers of ageing relatives


A more flexible working environment, funded respite care and innovative insurance policies can support Hong Kong’s more than 40,000 carers of ageing relatives.


Hong Kong healthcare and hospitals

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Column

As Hong Kong ages, carers of elderly relatives need more support at work, at home and for their own old age

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}A more flexible working environment, funded respite care and innovative insurance policies can support Hong Kong’s more than 40,000 carers of ageing relatives

A more flexible working environment, funded respite care and innovative insurance policies can support Hong Kong’s more than 40,000 carers of ageing relatives