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Mainland residents more ready for retirement
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RESIDENTS in China’s mainland are more ready for retirement than the average of six Asian markets, DBS Bank and Manulife said in a report today.
The Retirement Wellness Index is 61 for China’s mainland, above the average of 56 for six markets including the mainland, Hong Kong, Indonesia, India, Singapore and Taiwan.
Indonesia and India scored higher than the mainland respectively at 72 and 69 points.
The index measured respondents’ readiness for retirement in terms of health, wealth, and social aspects.
The Asian study covered 6,000 respondents aged between 40 to 60, of which 1,002 are from the mainland.
The mainland respondents are the most ready for health at 70 points, and the least for wealth at 55 points, the study showed.
They averagely plan to start preparation for retirement at the age of 44, and generally set aside 30 percent of monthly income for retirement needs.
The survey was released as DBS Bank and Manulife Financial Asia this year launched a 15-year regional bancassurance agreement covering China’s mainland, Hong Kong, Singapore, and Indonesia.
DBS China and Manulife-Sinochem Life Insurance today said they will team up to develop family protection plan to meet the demands from a wealthier population and potentially larger families as China allowed a second child for all couples.
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