(Yicai Global) Oct. 28 -- Chinese aged between 18 and 34 have increased the amount they are saving toward retirement to 25 percent this year, up from 20 percent last year, meaning these so-called millennials are putting money aside for old age at the fastest pace since 2018, according to the findings of a new survey.

Chinese millennials are saving an average of CNY1,624 (USD254) each every month, The Paper reported today, citing the survey by leading investment manager Fidelity International.

A number of factors influenced the increase, with 76 percent of respondents saying they started to build up their emergency savings last year due to the coronavirus pandemic.

Compared with Chinese aged over 35, who expect to save CNY1.39 million (USD217,250) for a good life in retirement, the younger generation set a higher target of CNY1.55 million, according to the survey that audited 20,000 individuals, 44 percent of whom were millennials.

The survey also showed that the younger generation still needs to warm to the idea of investing in pensions. The savings of almost a quarter of the surveyed millennials are in cash, with some 23 percent saying they do not have the necessary investment knowledge and skills.

Editor: Futura Costaglione