One-third of Asians contribute to retirement fund

One-third of people surveyed in Asia reported they make regular contributions to a retirement fund in an effort to improve their financial health, according to recent research by insurance firm Prudential.

A Prudential survey of more than 5,000 respondents across 13 markets in the region found more than half feel satisfied with their personal finances and feel they are able to save sufficient funds to support themselves during their retirement.

However, the survey revealed the level of confidence is considerably greater among higher-income respondents (73%) than those with a below-median income (51%).

Despite overall satisfaction among the majority of respondents, economists question people’s ability to plan adequately for their retirement and the ability of pension systems to support them. The projected replacement rates for provident fund participants entering…