Core Insights - The retirement preparation level of Chinese residents is significantly inadequate, with low-income groups showing a marked decline while high-income groups have improved, leading to a widening gap between different income groups [1][2] Group 1: Retirement Preparation Index - The 2024 China Resident Retirement Preparation Index stands at 5.53, unchanged from 2023, indicating a low level of retirement readiness [2] - The index is based on a scale of 0 to 10, where higher scores indicate better retirement preparation [1] Group 2: Income and Demographics - High retirement preparation levels are characterized by individuals aged 36-45, married, with children, in good health, holding a bachelor's degree, and employed in state-owned or foreign enterprises [2] - The average annual post-tax income for surveyed individuals is 90,600 yuan, slightly above the 88,000 yuan reported in 2023 [1] Group 3: Retirement Financial Preparation Methods - The most common retirement financial preparation methods include basic pension insurance, enterprise annuities, personal pensions, and bank savings/low-risk financial products [2] - Basic pension insurance has the highest coverage, while enterprise annuities have a coverage rate of approximately 34% among respondents [2] Group 4: Retirement Age Preferences - A majority of residents prefer to retire at the legal retirement age, with a significant portion of young respondents inclined towards early retirement [3] - 56.54% of young respondents (51.59% of males and 58.77% of females) prefer early retirement, indicating a strong desire for early retirement among the youth [3]

Core Insights - The latest research indicates that the retirement preparedness level of Chinese residents is significantly inadequate, with low-income groups showing a notable decline while high-income groups have improved, leading to a widening gap between different income groups [1][2] Group 1: Retirement Preparedness Index - The 2024 China Residents Retirement Preparedness Index stands at 5.53, unchanged from 2023, indicating a low level of retirement preparedness [2] - The index is constructed on a scale of 0 to 10, where higher scores reflect better retirement readiness, with scores below 6 indicating a need for urgent improvement [1] Group 2: Demographic Characteristics - High retirement preparedness is characterized by individuals aged 36-45, married, with children, in good health, holding a bachelor's degree, and employed in state-owned or foreign enterprises, with higher personal and family incomes [2] Group 3: Retirement Financial Preparation Methods - The primary methods for retirement financial preparation include basic pension insurance, enterprise annuities, personal pensions, and bank savings/low-risk financial products, with basic pension insurance having the highest coverage [2] - The coverage rate for enterprise annuities/professional annuities among respondents is approximately 34%, particularly among those from government and state-owned enterprises due to mandatory contributions since 2015 [2] - Personal pensions, as the "third pillar" of China's pension system, have a coverage rate of 35%, with higher adoption among respondents with elevated after-tax income levels [2] Group 4: Retirement Age Preferences - Most residents prefer to retire at the legal retirement age, but a larger proportion expresses a desire to retire early, particularly among younger respondents [3] - 56.54% of young respondents (51.59% male, 58.77% female) prefer early retirement, while only 34.63% (35.65% male, 34.16% female) anticipate delaying retirement, indicating a strong inclination towards early retirement among the youth [3]