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Women start retirement savings earlier than men
By Hu Xiaocen |
18:37 UTC+8 March 8, 2013
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Online Edition
Online Edition
MORE Chinese women are saving money for life after retirement than men do as women have longer life expectancy, a private report showed.
In most parts of Asia-Pacific, more men than women make financial planning, except for Chinese mainland. A survey by HSBC found 40 percent of Chinese women make financial plans for their retirement life, compared to 38 percent of men.
Women in Asia-Pacific face a retirement savings gap of at least ten years. Post-retirement life expectancy for women is 23.3 years, compared with 18.5 years for men, according to the Organization for Economic Co-operation and Development's data in 2011. However women's retirement savings can only support their living for ten years after they retire, HSBC said in the report.
Men save US$380 on average each month for retirement in Asia-Pacific, while the amount saved by women is US$336. On Chinese mainland, the figures are US$226 by men and US$219 by women, the report said.
In most parts of Asia-Pacific, more men than women make financial planning, except for Chinese mainland. A survey by HSBC found 40 percent of Chinese women make financial plans for their retirement life, compared to 38 percent of men.
Women in Asia-Pacific face a retirement savings gap of at least ten years. Post-retirement life expectancy for women is 23.3 years, compared with 18.5 years for men, according to the Organization for Economic Co-operation and Development's data in 2011. However women's retirement savings can only support their living for ten years after they retire, HSBC said in the report.
Men save US$380 on average each month for retirement in Asia-Pacific, while the amount saved by women is US$336. On Chinese mainland, the figures are US$226 by men and US$219 by women, the report said.
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