Shanghai people least ready for retirement
Print Edition
SHANGHAI residents are among the least prepared for retirement out of those in 13 major cities in China, a Citi and AIA report said yesterday.
The China Retirement Readiness Index, which measures residents’ understanding and financial preparation for retirement life, stood at 62.6 points, the bank and the insurance company said.
The index revealed that the country’s western and less developed cities scored higher in being prepared for retirement while Shanghai was second-lowest with 61.4 points. The report attributed the east-west disparity to higher living costs in larger cities.
Guiyang in Guizhou Province in the southwest of the country led with 67.8 points, and Shanghai’s neighbor Hangzhou in Zhejiang Province landed at the bottom with 60 points.
The index, released for the first time, has a sample size of 2,500 urban residents with liquid assets between 250,000 yuan (US$39,400) and 5 million yuan.
The survey found that respondents consider 1.98 million yuan on average as adequate to retire on.
But that amount leaves a financial gap in preparing for retirement as the current average household liquid assets of the respondents were 1.32 million yuan at the time of the survey.
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