KUALA LUMPUR, Feb 6 — Asia’s looming pension crisis could get worse as millions of workers who created the region’s economic miracle will struggle in their old age, a HSBC research revealed.

In a statement today, HSBC said its Future of Retirement survey showed that almost 70 per cent of Asians worried about running out of money in retirement.

“A third of them said they are forced to cut back on savings for their pensions in the wake of the global financial crisis.

“In Malaysia, 88 per cent are concerned about not having enough money to live day-to-day in retirement.

“Forty-one per cent said buying a house and paying the mortgage has dented their ability to save for retirement while another 30 per cent said paying for their children’s education reduced their savings,” it said.

The survey, which covered 16,000 people in 15 countries, showed that only a small percentage was confident of being able to live comfortably when they stopped working.

“Only 15 per cent of Malaysians, nine per cent of Singaporeans and 11 per cent of Hong Kong respondents said they were confident of their financial situation in their retirement,” it said.

HSBC Malaysia’s head of retail banking & wealth management, Lim Eng Seong, said the Malaysia’s population would increase by 31.2 per cent over the next two decades, reaching over 37 million by 2030.

“The proportion of those aged 60 years and above is projected to exceed that of the younger population aged 0-14 years in 2049.

“Over a period of 20 years, the median age in Malaysia would increase by 5.7 years from 26.0 years in 2010 to 31.7 years in 2030. This compared to an increase of 6.4 years in Asia and 4.8 years in Europe over the same period,” he said. — Bernama