China's pensioners willing to spend more on emotional well-being, report finds

China's retirement landscape is undergoing a transformation, with senior citizens increasingly prioritizing independence, emotional well-being and lifelong learning over traditional family-based care, according to a report by Sun Life Financial Inc.

The report, released on Friday, found that nearly 60 percent of adults aged 60 and above now live independently, while 82 percent make their own decisions about retirement arrangements, a departure from the traditional multi-generational model of cohabitation.

The report also maps out a new "three-tier pyramid" of retirement needs: care, joy and contribution.

While basic care and independence remain foundational, the report identifies enjoyment as the core growth driver, stating that older adults are increasingly willing to pay for emotional value and social experiences.

According to the findings, 81 percent of respondents ranked mental health as the top driver of joy in retirement, while more than 65 percent of active seniors are willing to spend 500 yuan or more per month on emotional value and quality experiences.

The report identified a clear generational divide in retirement planning: older cohorts continue to rely on basic pensions and family support, while the under-60 demographic is increasingly turning to commercial insurance and self-directed planning.

Notably, adults aged 20-29 are the most proactive in exploring diversified retirement financial tools, with the highest penetration of commercial insurance beyond the three-pillar of the pension system — public, occupational and private pensions.

There has been an increasing focus in recent times on China's aging population. As of the end of 2025, the population aged 60 and above had reached 323 million, accounting for 23 percent of the total population, with those aged 65 and above at 223.65 million, or 15.9 percent.

"Genuine retirement peace of mind comes from a convergence of new mindsets, scientific retirement planning and solid financial support — all three are indispensable," said Bennet Li, chairman of Sun Life Consultancy and Management (Beijing).

The report set out the company's case for a collaborative ecosystem involving policy guidance, market efforts and individual initiative to address the challenges of an aging society and transform the silver economy into a new engine for high-quality development.