According to the China Elderly Association, senior citizens will account for 11.8 per cent of China's total population in 2020, up from 7 per cent today. By the mid-21st century, people aged above 60 will likely exceed 400 million, and those older than 65 will exceed 300 million.
British consumers have been warned they are borrowing far too much money and failing to save adequately for retirement.
That is the conclusion of the Financial Services Authority (FSA), which identified the growing savings gap as one of its priorities for the coming year.
Action is needed to reverse this trend otherwise consumers' expectations for retirement will not be met, the city watchdog warned.
"A significant minority of non-retired adults, even among older age groups, have made very little or no provision for retirement beyond the basic state pension," the Daily Telegraph reports the FSA as saying.
"Yet, our survey shows large numbers of people still aspire to retire early. Growth in consumer borrowing will ultimately delay consumers' ability to save for retirement and to meet other long-term financial needs."
Homeowners were also warned against relying on the value of their property to fund their retirement ambitions.
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