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The majority of Chinese people do not have sufficient finances or funds to maintain their current standard of living after retirement and would have to take what effectively is a salary sacrifice according to a survey sponsored by American International Assurance Company Limited (AIA).
The AIA Life Matters survey, conducted by international independent research firm TNS, revealed the financial fears many Chinese have about their old age, and particularly the cost of healthcare.
Some 60 percent of respondents believed they did not have sufficient finances or funds to maintain their current standard of living post-retirement. But the vast majority anticipated social security funds and personal savings would be the major sources of income after they quit working.
However, 49 percent of respondents with commercial insurance believed they would have a sufficient income after retirement, higher than the 36 percent among those without commercial insurance.
Major lifestyle changes as a result of improved living standards and higher life expectancy have led to a greater occurrence of serious illnesses.
While 71 percent of respondents expressed concerns about falling ill, 50 percent of them said they would be unable to cope with the costs if one of their relatives ended up in hospital.
The survey studied people's awareness of and attitudes to insurance and financial risk. In Beijing, Shanghai, Shenzhen and Guangzhou a representative sample of 1,000 interviews was conducted per city. In Nanjing, Xuhou and Shantou 400 interviews were conducted in each city.
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