Key points

Financial Planning
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Living expensesExpand
  1. Living expenses include food, housing, transportation, and other necessities.
  2. The inflation rate should be considered when making a financial plan. An estimated inflation rate of 5% is usually used.
  3. If living expenses for you and the person are $5,000 per month on average, you will need $5,050 per month next year in order to maintain quality-of-life levels.
  4. You can refer to the following data when you make an estimate (it will change over period of time):
    • Average life expectancy for Hong Kong females: 88 years*
    • Average life expectancy for Hong Kong males: 83 years*
    • Average life expectancy for people with dementia after diagnosis: 8-10 years
    • Average life expectancy for people with dementia after early-stage diagnosis and medical intervention: 15-20 years
Data collected in 2019.
* Data collected in 2023 from the Census and Statistics Department; the latest data is available at the Census and Statistics Department website.

The information available at this website is for preliminary reference only and should NOT be considered as official advice. Please consult a professional registered financial consultant for further information or assistance concerning financial planning.
Personal care expensesExpand
  1. Personal care expense include hiring a domestic helper, fees for a residential care home or nursing home, diapers, nutrition drinks, and thickeners.
  2. You can refer to the following data when you make an estimate:
    • Monthly fees for hiring a domestic helper: about $4,630
    • Monthly fees for Enhanced Home and Community Care Services (15 service hours): about $300*
    • Monthly fees for Subvented Day Care Centres or Units for the elderly: about $1,200*
    • Monthly fees for private homes for the elderly: about $4,500 to $8,500
    • Monthly fees for private homes for the elderly participating in the Enhanced Bought Place Scheme: $1,656(EA2) / $1,763(EA1)*
    • Monthly fees for Subvented Care and Attention Homes for the Elderly: $2,060*
    • Monthly fees for Subvented Nursing Homes: $2,054*
    • Monthly fees for diapers, nutrition drinks, thickeners, and the like for people with mid-stage dementia: about $800 to $1,200
    • Monthly fees for diapers, nutrition drinks, thickeners, and the like for people with late-stage dementia: about $1,500 to $2,500
Data collected in 2020.
* Data collected in 2020 from the Social Welfare Department; the latest data is available at the Social Welfare Department website.

The information available at this website is for preliminary reference only and should NOT be considered as official advice. Please consult a professional registered financial consultant for further information or assistance concerning financial planning.
Medical expensesExpand
  1. Medical expenses include medical treatments, physiotherapy, occupational therapy, speech therapy, acupuncture, massotherapy, and purchasing and exchanging feeding tubes and foley catheters by medical professionals.
  2. You can refer to the following data when you make an estimate:
    • Medications for dementia: at least $6,000 - $10,000 per year
    • Accident and emergency services: $180 per visit*
    • General acute in-patient bed at a Hospital Authority hospital: $75 admission fee, plus $120 per day*
    • Convalescent, rehabilitation, infirmary, or in-patient beds at a Hospital Authority hospital: $100 per day*
    • General out-patient service at a Hospital Authority hospital or clinic: $50 per visit*
    • Dressing or injection at a Hospital Authority hospital or clinic: $19 per attendance*
    • Specialist out-patient service at a Hospital Authority hospital or clinic: $135 for the first attendance, $80 per subsequent attendance, $15 per drug item*
    • Geriatric and psychiatric day hospital at a Hospital Authority hospital: $60 per visit*
    • Rehabilitation day hospital at a Hospital Authority hospital: $55 per visit*
    • General community nursing: $80 per visit*
    • Community allied health services $80 per treatment*
    • Day procedure and treatment at a Hospital Authority oncology clinic and renal clinic: $96 per attendance*
    • Private in-patient service at a Hospital Authority acute hospital: $6,650 per day for first class, $4,430 per day for second class*
    • Private in-patient service at other Hospital Authority hospitals: $6,120 per day for first class, $4,080 per day for second class*
    • Private intensive-care ward or unit at a Hospital Authority hospital: $15,350 per day*
    • Private high-dependency ward or unit at a Hospital Authority hospital: $9,500 per day*
    • Private in-patient consultation at a Hospital Authority hospital: $680 to $2,780 per visit per specialty*
    • Private out-patient consultation at a Hospital Authority hospital: $790 to $2,210 per attendance for initial consultation, $640 to $1,990 per attendance for follow-up consultation*
Data collected in 2020.
* Data collected in 2020 from the Hospital Authority; the latest data is available at the Hospital Authority website.

The information available at this website is for preliminary reference only and should NOT be considered as official advice. Please consult a professional registered financial consultant for further information or assistance concerning financial planning.
Funeral expensesExpand
  1. Funeral expenses include charges for cremation or burial, a religious ceremony, mortuary objects, a coffin, and a niche or grave site.
  2. You can refer to the following data when you make an estimate:
    • Charges for cremation by the Food and Environmental Hygiene Department: $1,220*
    • Charges for a standard niche and permit to place a memorial plaque by the Food and Environmental Hygiene Department: $2,490 (Initial 20-year Interment Period) ; $1,200 (10 year extension)*
    • Charges for a large niche and permit to place a memorial plaque by the Food and Environmental Hygiene Department: $3,090 (Initial 20-year Interment Period) ; $1,500 (10 year extension)*
    • Charges for a niche in private columbarium facilities: $25,000 and up
    • Charges for coffin burial at cemeteries managed by the Food and Environmental Hygiene Department (Wo Hop Shek, Cheung Chau, Tai O, and Lai Chi Yuen): $3,190*
    • Charges for a grave site with a 10-year lease at a Chinese Permanent Cemetery (non-renewable) (Tseung Kwan O, Cape Collinson, Aberdeen, and Tsuen Wan): $20,000**
    • Charges for a grave site with a 10-year lease at a Chinese Permanent Cemetery (renewable) (Tseung Kwan O, Cape Collinson, Aberdeen, and Tsuen Wan): $28,000**
    • Renewal charges for grave site with a 10-year lease at a Chinese Permanent Cemetery (Tseung Kwan O, Cape Collinson, Aberdeen, and Tsuen Wan): $20,000**
    • Charges for a grave site with a permanent lease at a Chinese Permanent Cemetery (Tseung Kwan O, Cape Collinson, Aberdeen, and Tsuen Wan): $280,000**
    • Standard Chinese-style coffin: $4,000 to $12,000
    • Standard Western-style coffin: $4,000 to $200,000
    • Standard Western-style coffin: $3,000 to $20,000
    • Standard urn: $600 to $10,800
    • Standard memorial plaque: $1,000 to $3,000
    • Standard Chinese-style coffin, rental of ceremony hall, provision of professional staff, and cosmetology services: $14,000 to $36,000
    • Standard Taoist ceremony and other essentials: $6,000 for small ceremony, $9,000 for medium ceremony, $20,000 to $30,000 for big ceremony
    • Charges for a basic cremation and related rituals: $8,000
    • Charges for a basic coffin burial and related rituals: $50,000
Data collected in 2025.
* Data collected in 2021 from the Food and Environmental Hygiene Department; the latest data is available at the Food and Environmental Hygiene Department website.
** Data collected in 2025 from the Board of Management of the Chinese Permanent Cemeteries; the latest data is available at the Board of Management of the Chinese Permanent Cemeteries website.

The information available at this website is for preliminary reference only and should NOT be considered as official advice. Please consult a professional registered financial consultant for further information or assistance concerning financial planning.
Calculating income and assetsExpand
  1. Income includes financial support from family members, interest, dividends, pensions, rent, Old Age Living Allowance, and Social Security Allowance/Comprehensive Social Security Assistance.
  2. Assets include savings, property, land, vehicles, licenses (like taxi licenses), investments (such as funds, stocks, futures, certificates of deposit, and bonds), precious metals (such as gold, silver, and platinum), insurance (such as policy dividends and guaranteed cash values), mandatory provident fund holdings, and company revenues.
  3. Calculate whether your assets can balance out expenses:
    Subtract monthly expenses from monthly income.
    If there is a surplus: Congratulations. You are financially secure.
    If there is a deficit:

    Calculate whether you can manage the total expenses by selling your assets.

    If yes great. You may want to plan ahead and find someone you trust, or use the trust services provided by banks, to help you make arrangements.

    If no you may want to consider the following when you plan ahead:

    Increase the amount of assets

    • Sell property when the property market is up and live in a rented flat.
    • Lease your property and live in a rented flat if the income from rent is higher.
    • Sell your business to increase your savings if revenue is low.
    • Sell your stocks when the market is up if there are limited dividends.
    • The amount you can withdraw from dividends or a cash bonus is higher as you age for most insurance plans. Estimate the amount of money (cash value) you can withdraw if you are to terminate the insurance plans.

    Reduce your expenditure

    • Cut unnecessary regular expenses.
    • Sell property you are not living in to reduce the expense of maintenance.
    • Reduce or stop financial assistance you provide for your children and grandchildren.
    • Reduce the frequency of eating out and travel.
    • Request more financial assistance from your children.
    • Reduce funeral expenses.
    The information available at this website is for preliminary reference only and should NOT be considered as official advice. Please consult a professional registered financial consultant for further information or assistance concerning financial planning.
    Click here to download a form in Excel format for calculation

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Summary