Initiated by The Women’s Foundation and joined by Sau Po Centre on Ageing at The University of Hong Kong and HSBC Life who together share a common vision and mission of “Eldercare is our Life Time Promise”, the three organisations have come together to conduct a study on eldercare to understand and qualify the need and cost of eldercare in Hong Kong today and in just over 40 years’ time.
Highlights of the findings include:
- Eldercare recipients to more than double in the next 20 years, and increase from 5% to 11% of the total population in Hong Kong in four decades
- Women disproportionately share more of the caregiver burden
- Cost to Hong Kong society on caregiving will grow from HK$38.8 billion in 2018 to HK$126 billion by 2040, and to HK$222.4 billion by 2060
- Economic and opportunity costs to employers and employees expected to grow significantly
Key takeaways that organisations may consider, in support of the survey’s findings include:
- Public authorities can help by drawing up a long-term strategy for family caregivers, acknowledging the valuable role that caregivers play, and to give them assistance.
- Employers can create a welcoming culture for people who combine work with caregiving responsibilities. Being open to requests for flexible working and home working could help businesses retain skilled people who might otherwise leave their jobs.
- For individuals, it is important for them to think about how they can prepare, both psychologically and financially, for potentially becoming caregivers themselves.
- The insurance industry should also be innovative and develop innovative products and services that enable caregivers to make provisions for their elder dependents.
*A copy of the Technical Report is available upon request