At least NT$10 million needed in savings for retirement: poll

As part of its personal financial health index, Citibank Taiwan surveyed 500 of its financial instrument-owning customers across Taiwan from Oct. 11 to 20.

High index figures represent confidence in economic prospects.

Citibank launched the above-mentioned index in 2007, which touches upon topics such as satisfaction with the quality of life, retirement plans, savings habits, and insurance status.

According to the bank's latest survey, the public lacked confidence in its financial prospects last year due to the economic slump, which also affected the public's outlook on retirement. A total of 67 percent had begun saving for their retirement, while 62 percent expressed doubts as to whether their savings would be adequate for a comfortable retirement.

Furthermore, over 80 percent felt that their retirement plans needed to be postponed.

As to pension usage, most of those surveyed said that 21 percent of their pensions will be spent on travel, and that 6 percent of their annuities will be donated toward charity.

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