China's pension expenditure of urban residents to hit 836,400 yuan

The total pension expenditure of China's urban residents is expected to average 836,400 yuan ($119,887), according to China's Urban Elderly Care Service Demand Report 2022 quoted by Securities Daily on Monday.

The life expectancy of Chinese urban dwellers is 82.1 years with residents aged 30-49 expected to need 1 million yuan for pension and residents over 60 expected to need 615,000 yuan for pension, the report said.

Urban residents' view on how to live their lives after retirement presents five new features. The first one is they are more proactive in preventing diseases and managing health rather than seeking cure after getting ill.

The second is they are more diverse in wealth management. Over 80 percent urban residents tend to depend on themselves rather than their children for financial support. They don't merely reply on retirement pension but have various financial products, including insurance and funds.

The third is the senior citizens would like to contribute more instead of being a burden to the family so they would like to be a helper of the family and a driving force for "gray-hair economy", which refers to the sector that provides products and services for the elderly population.

The fourth one is they prefer distance affection with over 50 percent of senior urban citizens not wanting to live with but close to their children.

The fifth one is they pay more attention to the cultivation of interests and hobbies so as to integrate into the society. The senior urban citizens don't want to just sit there waiting for care but go out to attend classes of their interests, philanthropy activities and reemployment.

Over half of the senior citizens would like to choose nursing institutions when they get old and over 80 percent of them would like to spend their late life in the center of the city rather than suburb of the city, according to the report.

Urban residents are willing to pay an average of 3,161.27 yuan more per month for the elderly to ensure the enjoyment of high-quality urban elderly services, the report said.