Saving pension wealth through multiple channels has become a new choice for citizens, and pension finance is on the rise
The aging of my country's population has shown four core characteristics: deep aging, rapid development, long duration, and heavy response tasks. It faces the challenge of "growing old before getting rich, and growing old before being prepared". Accumulating retirement wealth reserves is inseparable from the mediating role of finance.
Today, the Pension Finance 50 Forum and the Social Science Literature Press jointly released the "Pension Finance Blue Book: China Pension Finance Development Report." The report shows that from 2022 to 2023, my country’s pension finance development trend will be stable and improving. National pension needs are multi-level, diversified and personalized, and storing pension wealth through multiple channels has become an important choice for citizens in the new era. The types of pension financial products in my country are becoming increasingly diverse, and pension financial products continue to expand.
The banking industry has developed specific retirement savings products and retirement wealth management products. As of the end of June this year, the scale of specific pension savings products had reached 37.67 billion yuan. Pension financial management products highlight the characteristics of "stable, long-term and inclusive", with a scale of 101.76 billion yuan as of the end of June this year.
The main body of pension financial products in the fund industry is pension target funds, which specifically include two products: pension target risk funds and pension target date funds. As of the end of June this year, a total of 242 pension target fund products had been established, with a management scale of 75 billion yuan, a slight decrease from the previous year.
The insurance industry mainly involves two types of products: exclusive commercial pension insurance and commercial pension insurance. As for exclusive commercial pension insurance, as of the end of March this year, the cumulative premium scale was 5.08 billion yuan, and the number of insurance products was 429,000. Among them, employees in new industries and new business types and flexible There are more than 60,000 insurance policies for employed people; commercial pensions have been put into pilot operation since January this year. As of the end of June this year, a total of 21 commercial pension products have been launched, becoming another important force in the supply of pension financial products in the insurance industry.
The blue book points out that consumer products for retirement wealth that meet the diverse needs of the elderly are also constantly being introduced. In recent years, the financial industry has successively pioneered the reverse mortgage model of housing, which converts real estate into pension funds, and provides elderly-friendly financial services that integrate pension funds and pension services, etc., and has built a series of financial product systems for pension wealth consumption. Among them, the housing reverse mortgage loan is a bank’s exploration of a pension financing model in response to the phenomenon of “property rich, cash poor”. It needs to meet at least three conditions at the same time, that is, the house value is high, it is conceptually acceptable, and there is an objective need for pension funds. , currently only a few banks carry out this business, and the actual participation is very small. Financial services for the elderly are a financial model in which banks combine wealth management, credit, convenient settlement, value-added services, etc., and provide financial services for the elderly such as product customization, health management, legal advisors, property protection, etc., in order to meet the diversified elderly care needs of the people. It has huge advantages in this regard and has become the main idea for commercial banks to participate in the pension financial business.
The blue paper calls on both supply and demand parties to jointly promote the financial market for elderly care services, and recommends that the elderly care reserve capacity be effectively improved by expanding national income channels. At the same time, the diverse pension needs of the people should be anchored and the supply of pension financial products should be enriched. Financial institutions need to accurately portray target groups and provide targeted financial services. Regulatory authorities need to improve approval policies, smooth channels and mechanisms for financial institutions to enter and exit the pension financial market, and promote the formation of a good competitive landscape.
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