The report shows that the public pension investment planning will strongly suggest accelerating the provision of pension financial products and services

2022-07-13 0 By

Cnfinance February 11 – (reporter Guo Weiying) According to the Insurance Asset Management Association of China released the “China pension wealth Reserve Survey Report (2021)” (hereinafter referred to as the report) shows that China’s pension investment planning will be strong, but the difficulties are relatively concentrated.The three most common difficulties are capital, risk tolerance and expertise.The report shows that about 30 percent of the elderly choose institutional/commercial retirement communities and migrant birds living in sojourns.Given the high demand for such products, the potential market is huge if low-cost, mass-replicated products can be developed, according to the report.The report suggested accelerating the supply of financial products and services for the elderly to meet the needs of the public at different levels.For example, the pilot work of pension products such as tax-deferred pension insurance, exclusive commercial pension insurance and pension finance has been actively carried out.Strengthen the cross-industry linkage between medical care and insurance, and design attractive savings value-added medical insurance.Relatively concentrated report shows that more than 75% of respondents are willing or very willing to plan for pension investment, with strong will for pension investment planning.On the other hand, in the process of pension investment planning, difficulties are relatively concentrated, which restricts the smooth conduction of pension investment from willingness to practical action.The three most common difficulties are capital, risk tolerance and expertise.Among them, about 50% of respondents believe there is no additional income to support retirement investment planning;About 42% of respondents worry that pension investment is too risky to bear;About 42 percent of respondents believe they lack professional knowledge to plan for retirement investment.At the same time, lack of time to manage investment, difficult choice of pension products, existing products do not meet the demand and other reasons also play a certain restriction effect.According to the report, about 52 percent of the respondents are aware of retirement planning, but have not yet done so.Fewer people actually do it, about 27%;Only 4% have a complete plan.And a quarter of respondents have never thought about retirement planning.Compared with retired people, the awareness of retirement planning of non-retired people needs to be strengthened, and the ability to turn awareness into action needs to be improved as a whole.At the same time, it can be seen from the report that the basic endowment insurance is the most core and important source of post-retirement income, playing the role of “ballast rock”.In addition, insurance has become an important part of household asset allocation.According to the report, the percentage of respondents buying insurance remained around 30 percent across all income groups.The report suggested accelerating the improvement of top-level policy design and “expanding and expanding” to strengthen pension reserves.At the same time, we will speed up the supply of financial products and services for the elderly to meet the multilevel needs of the public.For example, actively carry out the pilot work of pension products (such as tax deferred pension insurance, exclusive commercial pension insurance, pension finance, etc.);Strengthen the cross-industry linkage between medical care and insurance, and design attractive savings value-added medical insurance.According to the report, about two-thirds of respondents choose home-based care and about 40 percent choose community care.In addition, the report shows that about 30 percent of people choose institutional/commercial retirement communities and migrant birds for retirement.According to the report, this may reflect respondents’ expectations about the quality of their elderly care, rather than the way they can afford it.Given the high demand for such products, the potential market is huge if low-cost, mass-replicated products can be developed, the report suggests.From the age difference and retirement mode choice, the young and middle-aged groups under the age of 40 are more favorable to migratory birds.The middle-aged and elderly groups over 40 years old are more receptive to community endowment, institutional endowment (nursing homes, welfare homes) and commercial endowment community.From the perspective of income differences and pension options, with the increase of individual pre-tax annual income, the proportion of people choosing commercial pension communities and migratory birds for retirement gradually increases.Groups with an income of 110,000 to 400,000 prefer community pension and institutional pension (nursing homes, welfare homes, etc.), while groups with lower income and higher income prefer home pension.According to the report, high-income groups have strong needs for family-oriented, personalized and differentiated services. They usually have satisfactory homes, and their comfortable home experience is difficult to be replaced by standardized elderly care communities.The report suggested that the supply of elderly care services should match the demand, with “professional, abundant and affordable” being the key words.The report shows that from the feedback of the survey, there is a large room for improvement in the existing pension services.For example, the service supply side is insufficient and the service quality is uneven.In addition, several respondents said that old-age care services should be provided in the form of non-profit organizations, and employees should be guaranteed market-competitive salaries and benefits.(Meng Qiyun)