Much of China's workforce is already dreaming of retirement, according to a recent survey expressed such will.
Research conducted by Hong Kong and Shanghai Banking Corporation (HSBC) shows that China has the highest percentage of "retiree wannabes" –76 percent of those surveyed - in Asia, the Beijing Evening News reports.
Many Chinese people do not have financial concerns about life after retirement because they plan to count on savings and pensions.
According to the survey, 68 percent of Chinese workers between the ages of 40 and 59 said they plan to live on bank savings after retiring.
As for those who already retired, 76 percent are living on savings, and 34 percent on pensions. Other sources of incomes include property rentals or sales and stock investments.
Although financially secure, many Chinese – 42 percent of workers and 40 percent of retirees–consider financial security in retirement the responsibility of the government. A still larger proportion worry about the feasibility of governmental help.
Worth mentioning is the fact that many Chinese people are setting aside the traditional notion of "bringing up children for the sake of being looked after in old age" as they gain financial ground.
(CRI June 18, 2008)