Survey points to life fears after retirement

A majority of Chinese people do not have sufficient finances or funds to maintain their current standard of living after retirement, 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.