90% of people want to "retire without relying on their children," but most miss a crucial step

In Mainland China, the Survey reveals a profound shift in perspectives: 84% of respondents believe that self-sufficiency as a form of legacy is more meaningful than leaving behind physical assets; 90% hope to maintain self-reliance for as long as possible, without placing a burden on their families.

Physical and mental health, as well as financial security, are regarded by respondents as the twin pillars of an independent lifestyle.

However, the Survey also highlights a noteworthy gap: while everyone yearns for self-reliant retirement, the number of people proactively preparing in advance is very limited.

Where does this gap manifest? How can proactive communication and retirement planning lead to a higher-quality later life? How to establish a dynamic and diversified investment portfolio? This Survey provides the answers.

People’s attitudes are undergoing profound transformation: there is no longer an expectation to rely on children as the primary support in old age, but rather, most financial assets are being allocated to ensure self-sufficiency during retirement.

According to the Survey, Mainland China respondents plan to allocate 64% of their personal financial assets to maintain their independence in later life, leaving only 36% for their children.

As reliance on children’s financial support decreases, adults in Mainland China are increasing their savings and investing in insurance and other financial products to ensure future financial health and security.

Despite the clear reduction in reliance on family, a significant gap becomes apparent: the majority still rely primarily on savings. While increasing savings is important, savings alone are often insufficient to support one’s entire life in retirement.

Currently, investment as a tool to achieve independence remains underutilized.

There is growing awareness that investment and wealth strategies must evolve with the times—not only shifting from static saving to income-generating investment portfolios that can adapt to inflation, market uncertainty, and unforeseen life events, but also more fully leveraging investments as the core engine for achieving long-term financial independence, especially by starting early to let compound interest play a role over time.

A diversified, disciplined, and long-term investment approach can help individuals more confidently navigate changing needs and uncertainties, transforming them into matters that can be planned for in advance, rather than simply reacting passively to unexpected events.

In China, the traditional notion of “retirement equals cessation of work” is being challenged. More and more people now view later life as a gradual transition, rather than a sudden change—a shift driven by financial pressure, family obligations, and a strong desire for long-term independence.

The Survey shows that 77% of Mainland Chinese adults wish to continue working after the age of 65. Among those aged 25-34, about two-thirds even prefer to work full time past 65 in order to maintain financial and personal independence.

However, this flexibility is often constrained by financial realities.

At the same time, family responsibilities comprise a significant burden: more than half of Mainland Chinese adults are currently responsible for family caregiving, and 48% provide financial support to their families.

For those with family responsibilities, they allocate on average 30% of their monthly income to these obligations (for those supporting both elderly and young family members, this rises to 36%).

As a result, confidence in long-term independence is affected. 69% of Mainland respondents say family responsibilities are limiting their ability to achieve independence.

When more income is directed to support others, it becomes harder to maintain savings, continue investing, and build a buffer for retirement and healthcare. Without early planning, present support for others may come at the cost of future independence.

Wealth accumulation forms the foundation for self-reliant retirement, and retirement planning is the path to achieve it. However, both face the same major challenge—financial pressure from family responsibilities. How to break this dilemma? The Survey’s answer: proactive communication and early planning.

Extending working years helps maintain independence, but only if people make advance preparations for changes in income, expenditures, and caregiving needs over time—from full-time work, to phased retirement, to eldercare. Without structured planning and investment strategies, individuals may be forced to work longer than intended or make hasty financial decisions when circumstances change.

The Survey also finds a clear positive correlation between proactive communication and planning and higher quality of life.

Among Mainland Chinese adults aged 54 and above, those who have discussed retirement needs with family generally report a higher quality of life (83% versus 80% of those who have not). Those who have consulted professional financial advisors also stand out, with 88% satisfied with their quality of life versus 85% among those who have not sought advice.

Financial planning built on unclear expectations, roles, and preferences is at risk of being based on unfounded assumptions, increasing the likelihood of crisis decisions, mismatched expectations, and interrupted investment strategies—especially when health or caregiving needs arise.

Early communication, supplemented by professional guidance, can transform uncertainty into collaboratively-created and actionable plans, reducing avoidable future financial stress.

The Survey suggests that retirement should be planned as a multi-stage process, not a single point in time.

Focus early on asset growth while starting to build future income through investing. Combine asset accumulation with diversification strategies—time and compound interest are to your advantage.

Gradually replace part of earned income with portfolio income, while keeping some assets invested for continued growth. Set rules to manage market volatility so your retirement timing isn’t dictated by market fluctuations.

Regularly review sustainability of income and asset growth over several decades, and factor expected care needs into your retirement budget.

The Survey recommends beginning with the following four steps:

1. Arrange a family conversation: discuss independence, boundaries, and care expectations.

2. Start with three questions: What does independence mean to you? What support is feasible? What boundaries do we need to set?

3. Make discussions concrete: clarify living expenses, healthcare, care needs, and who is financially responsible for each.

4. Seek help from a professional financial advisor: integrate asset growth, income planning, and retirement needs into a unified plan.

Also, the Survey provides targeted planning suggestions for different groups.

Incorporate ongoing family obligations into your cash flow plan, rather than coping with “what’s left.” Maintain an emergency reserve while continuing with long-term investments to avoid being forced to sell at an inopportune time.

Balance asset growth and liquidity—continue to invest for long-term needs while ensuring access to funds without jeopardizing your overall plan.

In the era of longevity, self-reliant retirement is not an elective—it is a core life skill for all.

Manulife Fund is China's first joint venture public fund to become wholly foreign-owned, and also among the first pension FOF managers in China. Pension business is one of Manulife’s strategic priorities, leveraging the Global Group’s pension resources and combining years of local market experience to form a “global vision + local practice” business model.

Around the pension business, Manulife Fund has laid systematic foundations in investment research, talent development, risk control, product design, client service, and internal evaluation, deeply participating in and serving the development of China’s pension finance industry.

In the future, Manulife Fund will continue to focus on pension investment, committed to empowering investors to pursue financial independence and secure retirement in the longevity era through professional asset allocation capabilities. From starting dialogue, developing plans, to taking action—the earlier you start, the more control you’ll have over your future.

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