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The HSBC Quality of Life Report 2023

Discover the latest global insights and trends that are driving change in financial fitness, physical wellness and mental wellness.

Planning and investing for a better quality of life

The HSBC Quality of Life Report 2023 interviewed over 2,250 individuals across 9 different markets to understand what they consider to be a good quality of life.

The report uncovers the connections and balance between physical and mental wellness with financial fitness and how they differ between generations.

It also explores 4 main priorities shaping how people plan and prepare for their short, medium, and long-term life goals.

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How do you see your wealth balance?

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People are rethinking wealth and measuring it by how it can improve their Quality of Life. Discover the latest insights and trends reshaping life priorities around the world.

Key findings from study participants

The quality of life graph is showing the value that participants attached to mental, physical and financial dimensions of wealth including: 28% for physical wellness, 19% for mental wellness, 17% for financial wellness, 14% for emotional wellness, 10% for spiritual wellness, 7% for material success and 5% for community engagement.

What is Quality of Life?

Quality of Life is a concept that includes dimensions such as physical wellness, mental and emotional wellness and financial fitness.
A quality of life index chart showing the quality of life score across 9 markets. The average quality of life score is 75. Five markets score above average in quality of life with India and UAE scoring 80, Mainland China and Mexico scoring 79, Malaysia scoring 77. Four markets score below average in quality of life with USA scoring 70, UK scoring 69, Hong Kong and Singapore scoring 68.

Quality of Life Index by market

HSBC measured Quality of Life in 9 markets in 2023 based on physical, mental and financial factors. The average Quality of Life Index across the 9 markets is 75. See how the markets break down above.
Infographic highlighting the relationship between mental, physical and financial elements. The chart shows that participants who are financially fit are 4.3x more likely to be mentally fit. 31% of respondents who are financially fit are also mentally fit whilst 9% of respondents are financially unfit but mentally fit. Those who are physically fit are 9.3x more likely to be mentally fit. 39% of respondents are physically and mentally fit whereas 4% are physically unfit but mentally fit.

The relationship between mental, physical and financial

Our study also uncovered interesting correlations between mental, physical and financial factors.
Looking ahead graph showing the aspirational retirement age of millennials (Age 25-39) is 57. Gen X (Age 40-54) is 60 and Boomers (Age 55-69) is 64.

Looking ahead

The report further dives into the importance of retirement and future planning for an overall better Quality of Life. As life expectancy is generally increasing, the aspirational retirement age is decreasing. So financial planning needs to start sooner for a better Quality of Life in the later stages.

Four global priorities

Retirement: a new chapter graph showing reasons why people may work after retirement. 70% to stay engaged and active, 58% to increase financial security and 51% to continue building skills and knowledge.

1. Retirement: a new chapter

Attitudes about retirement are changing with people defining retirement according to their life goals. Pursuing a good Quality of Life in retirement means increasingly blurred lines between work, leisure and purpose.
Protecting our loved ones graph showing reasons to ensure protection for loved ones. 58% want to prepare for unexpected events such as incapacity or death. 56% want to show love and support even after they’re gone. 56% want to transfer wealth to the next generation or beneficiaries. 52% are planning for future financial obligations and 48% want to pass family values, tradition and culture to their heirs.

2. Protecting our loved ones

Spending time with family was ranked a top priority for a good Quality of Life. Across the board, ensuring sufficient protection to remain financially resilient is equally as important.
The chart displays the top 10 relocation destinations, with the USA being the primary choice, followed by Canada and Australia.

3. Relocating for a better life

People are looking beyond borders to pursue a better Quality of Life - 1 in 4 plan to relocate at some point to achieve a better quality of life while another quarter are already considering it as part of their goals.
Legacy planning graph showing generational readiness for legacy planning. 84% of millennials state they are ready for legacy planning whilst 78% of Gen X and 80% of Boomers state they are ready.

4. Legacy planning

It's more than wealth transfer. People nowadays even consider passing on family values, traditions, and culture to heirs or preparing the next generation to take on leadership roles in family and business.

The HSBC Quality of Life Report 2023

Explore the full report

Download the global edition of the HSBC Quality of Life Report 2023.

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Find out your Quality of Life score

Tell us about your lifestyle and we'll calculate your score. We'll ask about your financial knowledge, planning habits, fitness, and mindset. You'll also get tips that will help you set achievable goals and increase your Quality of Life. You can come back and calculate your score in the future to see if it improves.

Calculate my Quality of Life score

How your score is calculated 

Learning more about quality of life and wellbeing

Through the HSBC Research Fellowship at University of Oxford, we are supporting some of the leading researchers in the science of Wellbeing. 

Click the videos below to learn more about their perspectives on quality of life and wellbeing.

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