China’s Retirement Preparedness Lags as Youth Eye Early Exit, Report Says
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A majority of Chinese residents are not financially ready for retirement, with a significant portion of young people hoping to leave the workforce early, even as the government begins to raise the official retirement age, a new report has found.
The overall retirement preparedness index for Chinese residents stands at a meager 5.5 out of 10, indicating a low level of readiness, according to the 2024 China Resident Retirement Preparedness Index Survey Report. The report was jointly released by Tsinghua University’s School of Economics and Management and Aegon-Tsinghua Life Insurance Co. Ltd.
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- Most Chinese residents are not financially ready for retirement; the preparedness index is 5.5/10, with significant gaps between income groups.
- China will raise the retirement age starting January 1, 2025: men from 60 to 63, female blue-collar workers from 50 to 55, and white-collar from 55 to 58.
- 56.5% of young people prefer early retirement, driven by work pressure, while most people favor low-risk savings products; private pension coverage remains limited.
- Aegon-Tsinghua Life Insurance Co.Ltd
- Aegon-Tsinghua Life Insurance Co. Ltd. co-released the 2024 China Resident Retirement Preparedness Index Survey Report with Tsinghua University's School of Economics and Management. The report highlighted the low retirement readiness of Chinese residents. It also recommended that insurance companies, including Aegon-Tsinghua, develop tailored products and offer consulting services to strengthen the private pension system in China.
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