How Much Should I Save for Retirement? Latest Survey Shows: Over 60% of Respondents Think 10 Million Yuan or Less

Extramural News Reporter Liu Shan

As retirement becomes an increasingly important topic for the whole society, a survey report on China's retirement finance released by the Retirement Finance Forum shows that over 60% of respondents think that the wealth reserve scale they need to fulfill their retirement needs is 10 million yuan or less. About 40% of respondents believe that the wealth reserve scale needed for retirement is above 100 million yuan.

Investment or financial preference remains bank deposits

The survey data shows that the proportion of people who have been fooled by investment fraud has significantly decreased, but the overall risk is still not low. People aged 60 and above are most at risk of being deceived, followed by those aged 50-59. The current awareness of anti-fraud and prevention among middle-aged and elderly people is insufficient.

The survey respondents' top concerns for retirement lifestyle quality ranked first to third were respectively medical services, financial guarantees, social environment, as well as nursing services, family reunions, residence and service facilities. In terms of retirement methods, most people believe that making advance preparations is the most reliable way to ensure a comfortable retirement, reflecting residents' strong personal awareness of retirement savings.

The survey respondents' investment/financial preference remains bank deposits, with an occupation rate of 71.20%, followed by commercial pension insurance (32.65%), bank wealth management (25.23%), real estate (17.09%), funds (14.90%), and enterprise/occupational pension plans (14.57%). Some survey respondents also choose to invest in stocks, trust products, bonds, etc. However, 5.96% of the survey respondents have not yet made any retirement wealth reserve.

The survey results show that bank deposits, commercial pension insurance, and other traditional investment and financial products remain the first choice for many people, which is closely related to the public's relatively conservative investment preferences. However, as China's financial market continues to develop, retirement finance, funds, stocks, etc. are becoming increasingly important choices for many residents.

Over 60% of respondents think they should start saving for retirement before the age of 40

Regarding the willingness to save for retirement, the survey shows that over 66% of respondents believe that they should start making preparations for retirement before the age of 40. Among them, 23.60% think that they should start preparing for retirement even earlier, at the age of 30 or below. However, 7.52% of respondents still believe that they will not need to make any retirement savings until they are 50 years old or older. Compared with previous years' survey data, the proportion of respondents who think that they should start saving for retirement before the age of 40 has increased significantly, while the proportion of those who think that they will not need to make any retirement savings until they are 50 years old or older has decreased significantly.

Data shows that over 60% of respondents believe that their wealth reserve scale for the whole retirement period is 10 million yuan or less, and about 40% believe that it needs to reach 100 million yuan or more.