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[Meet life goals] Retirement: Paving your way to Quality of Life

4 Sep 2023

Key takeaways

  • Quality of Life goes beyond meeting material needs. It encompasses multiple dimensions such as physical and mental wellness, and financial fitness. Neglecting any one of these areas can hinder overall well-being and satisfaction. 
  • It’s important to consider all the different dimensions of Quality of Life and actively work to address any gaps or areas for improvement. Taking proactive steps to enhance physical and mental wellness, and financial fitness can lead to a more balanced and fulfilling life. 
  • Rather than relying on generic savings plans, tailor financial plans to specific goals and aspirations. This includes considering a range of different financial products and investment options.

HSBC Quality of Life Report 2023

Quality of Life means different things. Each person's perception, and their reality, are entirely subjective. The HSBC Quality of Life Report, 2023[@hsbc-quality-of-life-report] addresses this subjectivity. The survey-based Quality of Life Index considers the relative importance individuals assign to different dimensions and their self-assessment of how they score on each.

Building a balanced life: The crucial ingredients for Quality of Life

What does Quality of Life mean? Most respondents said "a healthy body and mind" and "financial security", ahead of "quality time with family", "travel and family vacations", and even "leading a happy and meaningful life". This is a recognition that physical and mental wellness, and financial fitness are foundational to being able to do the things that really matter to people. What is important to each person is subjective and for each of us to reflect on. When asked to score the importance of individual factors that contribute to Quality of Life, people on average allocated 64 points out of 100 to physical and mental wellness, and financial fitness combined. Accordingly, our HSBC Quality of Life Index is composed of these three dimensions.

Money may not buy happiness, but it undeniably contributes to mental wellness

Increasingly, our clients are taking a more holistic view of their well-being. We see a strong link between physical and mental wellness, and financial fitness where all three dimensions are interconnected and improvements in all three will drive an overall improvement in Quality of Life.

Lavanya Chari, Global Head of Investments and Wealth Solutions, Global Private Banking and Wealth, HSBC

There's a strong link between these three dimensions. Exercise is recognised as a sound investment in health. Recent research shows that exercise is more beneficial for conditions such as anxiety and depression than even psychotherapy or medications[@exercise-is-more-beneficial].

From the Quality of Life Index, we find those who rate themselves as physically fit are 9.3 times more likely to score above average on mental wellness versus those who consider themselves physically unfit.

Despite the adage “money can’t buy happiness,” we’re all intuitively aware that financial security can improve peace of mind. There’s even scientific evidence that suggests money can buy peace of mind - up to a point. This conclusion is consistent with the Quality of Life Index. Those who rate themselves as financially fit are 4.3 times more likely to score above average on the mental well-being scale.

Boost your physical and mental wellness, and financial fitness to unlock Quality of Life

The Quality of Life Index for 2023 across all respondents stands at 75 out of a maximum 100 points. Individual dimension scores that contribute to the overall score are 82 for financial fitness, 73 for physical wellness and 70 for mental wellness.

Quality of Life Index by market

The Quality of Life Index across the nine different markets is 75. See how the markets breakdown below:

Plan for your specific financial goals and you’re more likely to achieve them

On average, individuals in the nine markets covered in our survey[@respondents-for-the-survey] say they need USD1.17 million to have a good quality of life for the next 5 to 10 years.

Those living in Emerging markets[@emerging-markets] are more aggressive in their financial goals than their peers in Developed markets for several reasons:

Act for wellness, financial security, and your unique aspirations

For more information about Quality of Life Report, visit

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