The executive meeting held on January 5 studied the policy measures to develop the silver economy and improve the well-being of the elderly. The meeting emphasized that the development of the silver economy is an important measure to actively respond to the aging of the population and promote high-quality development, which is beneficial to both the present and the long-term.
At the end of October last year, the first financial work conference mentioned that five major articles should be done, and pension finance is one of them.
The ** Economic Work Conference held in December last year proposed to develop the silver economy, "accelerate the improvement of the birth support policy system, develop the silver economy, and promote the high-quality development of the population." ”
A series of policies are directed to the silver economy. How can financiers not act?
Central banks are bearing the brunt of the effort
Recently, the central bank said in reviewing its work in 2023 that in 2023, the People's Bank of China will continue to increase pension financial support.
There are three specific points:Guide banks to make good use of special re-loans for inclusive pension and strengthen financial support for pension services。According to the data, as of the end of the third quarter of 2023, a total of banking financial institutions have been supported to provide preferential interest rate loans to 66 inclusive pension service institutions in 5 pilot provinces including Hebei.
It is understood that the special re-loan for inclusive pension is a special re-loan set up by the People's Bank of China, and the support area for the special re-loan for inclusive pension is qualified inclusive pension institutions. On April 29, 2022, the People's Bank of China and the National Development and Reform Commission decided to launch pilot projects in some areas.
Strengthen credit policy guidelines and promote credit delivery for the pension industry。According to the data, as of the end of the third quarter of 2023, the balance of pension industry loans of seven major banks, namely China Development Bank, Agricultural Development Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications, was about 101.2 billion yuan, a year-on-year increase of 31%.
Encourage the upgrading of financial services for the elderly and enhance the financial inclusion of the elderly。Promote the transformation of bank outlets and mobile clients for the elderly.
Nowadays, do you often see blood pressure monitors, first aid kits, wheelchairs, reading glasses and other equipment at bank branches or counters? Among them, there is a little bit of attention from "Yang Ma"!
Financial institutions increase supply
At present, financial institutions continue to launch pension financial products such as savings, wealth management, trust, and public offering that meet the characteristics of the elderly.
In terms of personal pension products, according to the catalogue of personal pension products on the national social insurance public service platform, as of January 9, 2024, the total number of personal pension products has reached 753. Among them, the number of savings products has reached 465, which is the largest number of personal pension products at present; **The number of classes is 162, ranking second in total; There were 107 in insurance and 19 in wealth management.
The following is a list of several types of pension financial products for you:
Specific Retirement SavingsThe savings category set up for the pension goal is actually a longer period of fixed savings, which is divided into different tranches according to the savings period, and the interest rate is slightly higher than the five-year time deposit interest rate of large banks.
Pension financial productsIt mainly adopts a multi-asset allocation strategy based on fixed income assets, which is relatively stable.
Pension insurance productsThere are many types, and the common types include traditional pension insurance, participating pension insurance, universal life insurance and investment-linked insurance.
Pension trust productsThrough customized services and the design of trust systems such as family trusts, charitable trusts, and estate trusts, etc., and the arrangement of legal relations, we provide a full range of comprehensive services for customers with pension needs.
More perspectives
Jin Li, member of the National Committee of the Chinese People's Political Consultative Conference and vice president of Southern University of Science and Technology
With the advent of the era of longevity, finance can play an important supporting role in coping with the aging of the population. It should be noted that the elderly are mostly dependent on property income, and their finances are fragile and sensitive, so they need better financial planning. In addition, with the extension of life expectancy, some elderly people may face the risk of disability and dementia in the future, and further transformation of financial services for the elderly is needed. In addition, some private nursing homes have the problem of misappropriation of funds or even running away after losses, and some financial products related to the elderly are misleading or even fraudulent, which seriously threatens the wealth security of the elderly. Some elderly people do not have a high level of education, have poor resistance to financial fraud, and sometimes over-pursue high returns and listen to misleading, resulting in heavy losses.
In this regard, it is first necessary to strengthen investor education and financial planning for the elderly, and help the elderly enhance their risk awareness; Secondly, according to the characteristics of pension finance, targeted to create low and medium risk, stable returns, long term, both savings and insurance functions of the product, the state to provide tax incentives and minimum return insurance. Thirdly, in view of the problem of intellectual deterioration of some elderly people or the lack of financial decision-making ability of children with intellectual disabilities, we can learn from international experience to establish and improve the financial service entrustment system and major contract review system, so as to create a stable long-term plan for them. Finally, for the prevention of thunderstorms, financial fraud and other issues, it is recommended to standardize the use of funds through bank custody accounts to ensure the safety of pension investment.
Dong Ximiao, chief researcher of Zhaolian:
To implement the spirit of the executive meeting and other relevant meetings, and to develop the silver economy, both policy and market are indispensable. On the one hand, to ensure the basic and bottom line, it is necessary to strengthen the basic guarantee; On the other hand, to make good use of the market mechanism, all kinds of business entities, including financial institutions, should give full play to their respective advantages to meet the diversified needs of the silver-haired group.
For financial institutions, they should focus on the long-term development of the pension market, optimize the allocation of financial resources, accelerate product and service innovation, and strive to seize business opportunities such as asset management, custody, deposits, and insurance, and tap indirect business opportunities such as accounts, card issuance, and settlement. From the perspective of organizational structure, qualified financial institutions can set up a pension finance division, or set up a pension financial service franchise institution, such as the establishment of a pension management company, in order to enhance the professional service capabilities of the pension field finance. At the same time, it is necessary to continuously strengthen and improve financial consumer education, popularize financial knowledge in an appropriate way, strive to improve the financial literacy of the silver-haired people, and enhance their awareness and ability to prevent risks.
Tips: Each type of pension financial products have their own unique advantages and disadvantages and suitable for investment groups, please consult professional financial institutions for details!
In addition, what other pension financial products do you know, welcome to share with you in the message area! Everybody is watching
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