Majority of individuals aged at least 50 yet to prepare for retirement
Source: Asia Insurance Review | Nov 2019
People in mainland China aren’t saving enough for retirement, running the risk of outliving assets during their golden years, according to Franklin Templeton’s 2019 Retirement Income Strategies and Expectations (RISE) survey.
More than half (61%) of the RISE survey respondents of pre-retirement age in mainland China haven’t started saving for retirement. The proportion of respondents aged 50 and above who have not begun retirement preparations is 54%. Among the younger generations, the numbers are even more stark. Well over two-thirds of RISE survey respondents aged 25-34 haven’t started saving for retirement: 70% for mainland China. Among respondents in mainland China aged 35–49, 60% haven’t started a retirement plan.
Sixty-eight per cent of respondents in mainland China (68%) are stressed when they think about saving for the golden years.
The survey suggests many people are aware of their unrealistic expectations, both in underestimating the size of their post-retirement needs and in underestimating the amount of money they might need to save pre-retirement to service those needs.. A
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