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Financial wellness and retirement planning

Financial, physical and mental health all contribute to your wellbeing, with retirement planning being a key financial element.

The HSBC Life +Factor Study 2022 shows that different aspects of wellbeing – financial, physical and mental health – are intertwined and equally important. Good financial health increases your financial resilience as well as the ability to adapt to an ever-evolving landscape. During the coronavirus pandemic, many respondents expressed concerns about their financial situation, such as coping with medical bills and other unforeseen expenses. Resilient respondents, however, remained content with life, showing why financial wellbeing and retirement planning are important.

Financial wellbeing and retirement planning

Planning for retirement is a crucial part of financial wellbeing. So, how do you achieve financial wellness? This is not just about how much money you have in your bank account. It's also about the ability to plan and make good use of your money to realise your dream life, including a worry-free retirement.

Retirement planning is like physical training – you choose the most suitable strategy based on your needs. In Hong Kong, the Mandatory Provident Fund (MPF) is a key retirement planning and investment tool.

Build your MPF portfolio

MPF is a long-term investment fund that spans more than three decades. Remember that short-term market volatility is inevitable, so any type of speculation should be avoided. Instead, you're encouraged to study market analyses and fund information. You'll then be able to make an informed decisions based on your retirement needs and risk appetite at different life stages.

You can refer to the MPF Fund Platform on the MPFA's website to review charts such as the '10 Highest 5-year Cumulative Return Funds' and the '10 Lowest Fund Expense Ratio Funds'. This will help you proactively manage your retirement savings by finding out if your scheme is cost-effective and if the returns from your MPF funds are worth the charges.

Taking charge of your retirement plan involves starting early, setting clear goals, factoring in unexpected and emergency expenses, and choosing the right investment products, such as MPF. Once you've got these in place, you'll be closer to achieving financial wellness and can look forward to enjoying your retirement years.

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1. Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure. 

2. The content shared in this article should not be viewed as investment recommendation and advice. You should seek professional analysis and advice before making any decisions related to the information shared in this article.