More than half of Chinese millennials are facing a pension shortfall by neglecting to save for their retirement, new research has found, raising concerns over the country’s ageing population and mounting debt pile.
Only 44 per cent of millennials — people aged 18-34 in this instance — have begun putting money towards their pension savings, according to a study by fund manager Fidelity International in conjunction with Ant Fortune, the wealth management arm of Alibaba’s Ant Financial.
The study of nearly 30,000 people, 75 per cent of which were millennials, found that the expected average retirement age was 58, reflecting a gap between the low level of savings and the targeted retirement date.
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