More than 66 percent of Taiwanese who responded to a recent survey said that they rely on themselves for their retirement funds, while the rest said they rely on their employers or the government to provide a pension, according to the poll results.
HSBC bank commissioned the Nielsen market survey company to interview bank clients aged between 25 and 65 in Hong Kong, India, South Korea, China, Malaysia, Singapore and Taiwan in July and August.
A total of 516 Taiwanese were polled.
CASH AND DEPOSITS
The results show that Taiwanese provide for their retirement mainly by saving cash and buying term deposits, with 58 percent of the respondents saying their retirement will be financed mainly by such means.
Not only are Taiwanese not good at planning for retirement, according to the survey, they are also not good at saving for their children’s education, according to the survey results.
The survey found that only 43 percent of those polled pay for their children’s kindergarten and primary school tuition with cash while setting aside some money for their high school and university education.
Two factors have affected the long-term financial plans of the Taiwanese respondents the survey shows: job security and fear of losing money on their investments, with 59 percent expressing concern about losing their jobs and 65 percent saying they lack confidence in the investment market.