Survey Report on the Financing of Old Age Care in China

Abstract

The CAFF50 Survey is designed to obtain a better understanding of citizens’ plans for their old age and their needs for financing old age care. It focuses on respondents’ perception of financing old age care, their participation in such scheme and willingness to participate. Results show that most of the respondents have some basic ideas about retirement savings, and own some retirement assets through diversified channels. However, on the whole, their savings are not enough. In terms of pension investment, the majority of respondents show a keen interest and are prudent in making investment decisions. However, the risk prevention and fraud control still need to be addressed in this area. In addition, the majority of the respondents show a strong interest in participating in the third pillar of pensions, that is, personal tax-deferred pension. In the future, based on the continuous reform of the pension insurance system and improvement of the multi-pillar pension insurance system, we should further raise the general public’s awareness of retirement savings, continuously make innovations in products designed to finance old age care, optimize the market of financing old age care, and meet the investment needs of different demographic groups.