PEOPLE on China's mainland have enough savings to last half of their retirement on average, slightly lower than the global average, HSBC said in a report yesterday.
Their savings can last for 10 years after they retire but they are expected to live for another 10 years, the report found. It said the survey found the global average retirement period is 18 years for 15 countries and regions, and there is a funding gap of eight years on average.
Mainlanders start saving for their retirement from the age of 29 on average, later than the global average of 26 and the Asian average of 27, the report said.
Healthcare and medical spending are top concerns for mainlanders about retirement, and nearly half of them said they are not fully prepared for a "comfortable retirement."
The respondents in the survey, covering more than 1,000 HSBC clients on the mainland and 15,000 clients globally, said a family on average needs an annual income of 166,100 yuan (US$26,682) after retirement to lead a comfortable life, while the figure is 257,500 yuan in Asia and 214,600 yuan globally.
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