Chinese positive but unprepared for retirement

Chinese people remain positive about life after retirement, but their preparation emerges as a concern, a recent report show.

The Aegon Retirement Readiness Index (ARRI) score for China this year dropped to 6.15 from last year's 6.65, indicating people's rising sense of unsecured and unprepared.

The index assesses and quantifies levels of retirement awareness and savings behavior through six pillars, including peoples' financial plan through scores from 1-10.

The report on ARRI was co-released by Tsinghua University School of Economics and Management, and Aegon THTF Life Insurance.

The report said a slowed economy and increased international uncertainties have made people feel insecure about their financial status and retirement plan, which is part of the reason why the index saw a slight drop this year.

Zhong Xiaohan, an associate professor at Tsinghua SEM, said a well-developed industrial chain for elderly care is expected. Zhong added that the development and promotion of commercial pension insurance might be an effective way to tackle the problem.

"Tsinghua SEM has partnered with Aegon THTF Life Insurance in related research and we have started attempts to create commercial pension insurance systems," Zhong said.