Planning Ahead: How Women Can Shape Their Second Act

In Hong Kong, many women excel as both career professionals and as the “CEO” and “CFO” of their households. From managing daily expenses and children’s education to overseeing family healthcare, they manage it all with diligence and precision. Known for their prudence and foresight, women often put their families’ needs first. Yet as the household’s “CFO,” they must be equally committed to planning for their own retirement.

Half of Women Have No Retirement Goals

Many women place their families’ needs above their own—whether it’s managing household budgets, arranging children’s education, or caring for aging parents. However, government data¹ shows that women in Hong Kong live an average of 88 years, about five years longer than men. With shorter average careers², this means women face a longer retirement period that demands greater savings.

Despite this, according to T. Rowe Price’s recent Hong Kong Retirement Survey³, over half of female respondents have not set clear retirement savings goals—a much higher proportion than men. Similarly, another T. Rowe Price study in the United States⁴ found that women tend to feel less confident about their retirement savings, often due to lower average incomes, heavier debt burdens, and shorter career spans—challenges that are not uncommon in Hong Kong.

Think Like a CFO When Planning for Retirement

As the household’s financial decision-maker, women can apply the same financial mindset to their own retirement planning. The following practical steps can help build confidence in retirement planning and lay the groundwork for the second act of life:

1. Create a “Spending + Saving” Budget

Set a budget that accounts for both spending and saving. Review your monthly expenses and savings progress, and adjust your goals as needed. Consider setting up automatic transfers to move part of your income into savings or investment accounts, allowing you to benefit from compounding and get an early start on retirement preparation.

2. Build an Emergency Fund

Aim to set aside three to six months’ worth of living expenses in an emergency fund. This can help cover unexpected events—such as job loss or medical bills—without tapping into retirement savings or taking on debt, helping you stay financially secure.

3. Maintain Retirement Savings Through Life Transitions

Many women change jobs or take career breaks to care for family, which can lead to overlooked or interrupted retirement savings. Even during short periods without income, it’s important to maintain consistency in saving. When switching jobs, review your existing retirement accounts and avoid early withdrawals for immediate needs, as these can erode long-term growth.

Take Charge and Create a Fulfilling Retirement

Modern women in Hong Kong play vital roles both at work and at home—making it all the more important to plan ahead for life’s second act. Whether you are advancing your career, focusing on family, or approaching retirement, it is crucial to consider how to save and manage your wealth for the future. With early preparation, foresight, and disciplined planning, women can look forward to enjoying the retirement lifestyle they truly deserve.

Wenting Shen Solutions Strategist

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¹https://www.censtatd.gov.hk/tc/page_235.html

²https://www.mpfa.org.hk/mpfa/blog/20240307

³ T. Rowe Price conducted its first ever Hong Kong Retirement Survey in May 2025, collecting responses from 600 Hong Kong residents aged 30 and above to better understand their retirement goals, habits and financial readiness.

⁴T. Rowe Price Retirement Savings and Spending Study, 2023. The 2023 survey was conducted between 24 July 2023, and 13 August 2023. It included 3,041 401(k) participants who were full time or part time workers who never retired, currently age 18 or older, and either contributing to a 401(k) plan or eligible to contribute with a balance of $1,000 or more. The survey also included 1,176 retirees who have retired with a Rollover IRA or left a 401(k) plan balance.

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