(Yicai Global) Sept. 24 -- People in China expect to have about 50 percent more money for retirement than they have saved so far, according to the results of a new survey.

The average savings are CNY381,320 (USD58,998), but people would like to have CNY726,513 for retirement, said Zhang Dong, China Ageing Finance Forum 50's executive deputy secretary-general and a lecturer at China Agricultural University.

The annual survey, which included more than 12,000 respondents from different age groups, was published by the Chinese think tank on Sept. 22.

The expectations were high. Some 45 percent of the participants said they think less than CNY500,000 is enough to carry them through retirement. Almost 15 percent consider less than CNY300,000 to be sufficient. Less than 20 percent of the respondents said more than CNY1 million (USD154,755) is needed.

But the assets were too small. Almost 78 percent of the people had saved less than CNY500,000 so far for retirement. Nearly 31 percent of all had less than CNY100,000.

The aging population is making matters worse. Considering the pressures that the government's insurance program is facing, China should strive to develop mechanisms such as enterprise and occupational annuities, as well as personal pension plans, according to the CAFF50.

Moreover, people should be encouraged to save money for retirement through investing in capital markets to help the country deal with the aging population, it added.

Most people considered sufficient pensions to equal from 40 percent to 60 percent of their salaries. That appears higher than the current rate of 45 percent. In rural areas, respondents were predicting the government's basic pension program to grant CNY1,868 (USD289) in monthly payments. But the official figure was CNY174 (USD27) last year.

Despite the unrealistic expectations, people are becoming more aware of their future financial needs. Almost 51 percent of the respondents said they preferred bank deposits as a method of saving money, followed by wealth management products offered by lenders, as well as real estate and funds. Nearly 97 percent of the participants said they would be willing to put money aside if there were some additional incentives such as tax breaks to do so.

Editors: Zhang Yushuo, Emmi Laine, Xiao Yi