随着人口老龄化程度持续加深，提早为退休生活做准备日益受到关注。近日，同方全球人寿与清华 大学经管学院联合发布的《2025中国居民退休准备指数调研报告》（以下简称《报告》）显示，2025年 居民退休准备指数为5.49，相较于2024年的5.34略有上升，但总体处于中等偏低的区间。 从2025年的调查结果情况分析，总体上看，居民的金融知识水平普遍有较大幅度提升，为今后有意 识地提前谋划养老储备奠定了基础。不过，居民在行动层面的滞后、区域与群体差距的存在以及信心的 波动，影响了整体退休准备水平。 低风险投资产品占比37% 《报告》显示，目前，我国居民对养老金融产品偏好整体呈现以稳健型为主的格局。其中，低风险 投资产品以37%的比例位居首位，成为养老金融产品的基础性选择，契合多数居民对本金安全、收益稳 定的核心诉求。人寿保险和商业养老保险、商业健康和医疗保险均以27%的比例并列第二，构成保障型 需求的核心载体。中高风险投资产品选择比例为21%，显著低于稳健型、保障型产品，体现了居民对养 老资金的风险偏好较为保守。受限于高门槛和复杂运作机制，信托、私人银行等高端财富管理方式占比 12%，市场渗透度较低。 《报告》认为， ...

Core Insights - The 2025 China Resident Retirement Preparedness Index is 5.49, showing a slight increase compared to 2024, indicating a transition from awareness to action in retirement preparation [2][3] Group 1: Retirement Preparedness Index - The index measures retirement preparedness across six dimensions: awareness of retirement responsibility, financial planning awareness, understanding of financial issues, completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income [3] - The index ranges from 0 to 10, with higher values indicating better preparedness; a score below 6 indicates insufficient preparation [3] - Key dimensions show significant improvement: retirement responsibility awareness (7.45) and financial planning awareness (7.36) are high, while retirement plan completeness (3.82), retirement savings adequacy (3.78), and confidence in expected income (4.85) are low, reflecting a gap between awareness and action [3] Group 2: Income and Retirement Preparedness - The retirement preparedness index increases with income, but the gap between different income groups is narrowing, with notable improvements in the low-income group [4] - Financial literacy, risk awareness, savings willingness, and social security participation are also critical factors influencing retirement preparedness [4] - The report introduces income replacement rate as a complementary indicator, showing a positive correlation with the retirement preparedness index [4] Group 3: Changing Retirement Needs - Retirement needs are shifting from basic security to rational planning and quality enhancement, with residents aiming to maintain their current living standards [5] - Independent living at home remains the preferred mode of retirement, while high-quality institutional care is gradually gaining traction among well-prepared and older groups [5] Group 4: Preferences for Financial Products - Residents exhibit a preference for low-risk financial products, with generational differences in choices: older generations prioritize safety and health insurance, while younger generations seek balance among housing, child-rearing, and retirement [6] - Recommendations include enhancing retirement planning tools, improving multi-tiered pension systems, and promoting financial literacy to facilitate the transition from awareness to action [6] Group 5: Elderly Care Market Dynamics - The elderly care market is transitioning from scale expansion to quality competition, with the number of care facilities nearly doubling in five years, reaching 406,000 by the end of 2024 [7] - Despite the growth, the average occupancy rate of care institutions is below 50%, highlighting a mismatch between supply and demand [7] - A new evaluation system for care institutions aims to improve quality and operational standards, moving the industry towards more refined and standardized operations [7]

Core Insights - The 2025 Retirement Preparedness Index (RRI) for Chinese residents is reported at 5.49, a slight increase from 5.34 in 2024, indicating insufficient retirement preparation [1] - The index has been published for 13 consecutive years, measuring attitudes and actual preparations across six dimensions: retirement responsibility awareness, financial planning recognition, understanding of financial issues, completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income [1] - There is a notable improvement in retirement responsibility awareness and financial planning recognition, while completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income have declined, reflecting a trend of "increased awareness, lagging behavior, and pressured confidence" [1] Income and Retirement Preparedness - The analysis shows that the RRI generally increases with income, but some low-income individuals have better preparedness than certain high-income individuals, indicating that income is not the sole determinant of retirement readiness; factors like financial literacy and risk awareness also play significant roles [1] Trends in Retirement Investment - The report highlights a trend where, despite a preference for home-based elderly care, there is a significant rise in the choice of high-quality commercial elderly care institutions or high-end elderly communities among those with an RRI above 8, reaching 27.2% [2] - The average risk preference for retirement investments among respondents is −0.15, indicating a generally conservative approach to retirement investment [2] - In terms of personal pension product preferences, respondents favor retirement savings, retirement insurance, retirement financial products, and retirement funds in that order [2] - The report suggests that higher-risk retirement funds need refined risk grading and holding incentives to attract more retirement investments [2] Financial Product Preferences and Risks - Higher preparedness respondents tend to have lower risk preferences for retirement financial products, while those with insufficient preparation often prefer higher-risk products as they approach retirement age, which may expose them to potential fraud if their financial literacy is lacking [2]

Core Viewpoints - The pension system in Taiwan is characterized by significant occupational segmentation and treatment disparities, consisting of multiple pillars including a zero pillar for poverty alleviation and a third pillar primarily based on commercial insurance [2][6][11] Group 1: Structure of the Pension System - Taiwan's pension system is divided into four pillars: the first pillar includes social insurance pensions, the second pillar consists of occupational retirement funds, the zero pillar provides social allowances for low-income elderly, and the third pillar is based on commercial insurance [6][11] - The first pillar covers all eligible individuals, with contributions shared between individuals and the government, varying by occupation [8][11] - The second pillar does not cover unemployed individuals and includes various retirement funds for military, public education, private school teachers, and farmers [12][16] Group 2: Investment Allocation of Pensions - The first pillar's military insurance primarily invests in Taiwanese stocks and ETFs, with 39% allocated to stocks and 16% to bonds [25][30] - National pension funds prefer domestic stocks and beneficiary certificates, while labor insurance funds mainly invest in bonds and special stocks [30][34] - The second pillar's military and public education retirement funds allocate nearly half of their funds to bonds and stocks, with a significant portion managed by external institutions [38][44] Group 3: Characteristics of Pension Financial Products - Taiwan's long-term care service system has developed rapidly, with the Long-Term Care 2.0 plan expanding service targets and projects, integrating community resources [4][51] - The "small endowment insurance" product is designed for low-income elderly individuals, featuring low premiums and no medical examination requirements [4][58] - The long-term care plan includes various services for daily living assistance, professional training, and transportation for elderly individuals [55][56]