Ranks of retired will need wider investment channels

Financial services industries in China must come out with more innovative products that cater to a wider cross-section of consumers, especially the nation's increasingly aging population and also step up the quality of services provided, a new survey said on Thursday.

According to the survey, conducted by global information services provider Nielsen, many of the senior citizens and investors in China are financially independent and keen on purchasing wealth management products.

The survey, based on responses from about 17,000 people in 20 Chinese first- and second-tier cities, said 70 percent of the respondents aged 55 and above, have already purchased investment or wealth management products. About 50 percent of the respondents had life insurance, while 45 percent had at least one credit card.