To explore how elders arrange their finance at old age, especially their knowledge on "Enduring Powers of Attorney" and trust services, TWGHs commissioned
the Centre for the Advancement of Social Sciences Research of the Hong Kong Baptist University last year to conduct a research on “Elderly Needs for Public
Trusts”. The results were announced at a press conference on 2 June, 2018.
The survey covered all 5 districts (including NT East, NT West, Kowloon East, Kowloon West and HK Island) in Hong Kong. Each about 100 elderly were interviewed for each district. In total 526 elderly, who or whose spouse had at least HK$500,000 assets, were interviewed. The research revealed that 40.3% of the interviewees would seek for help from their sons or daughters if they had difficulty in managing their wealth, and 75.3% of the interviewees stated that they had not managed their wealth by formal means such as will, legal authorisation or trust services.
The research results also showed that only 16% of the interviewees have heard of "Enduring Powers of Attorney" (legal documents for elders to commission authorised persons to handle their wealth and finance when they are ill and have no behavioural capability). In addition, 56.3% of the interviewees disagreed that public trust services can make financial arrangements, and 54% did not support the establishment of Public Trust in Hong Kong. However, if assuming interviewees had Alzheimer’s Disease, about 60% of interviewees hoped that somebody would manage their wealth on behalf of them. The results showed that more public education and promotion on late life planning of elders is needed.
Press news:
TUNG WAH NEWSOriental Daily
Sing Tao
(June 2, 2018)