Chinese women are taking the lead in planning for the family's finances, according to HSBC's latest report: The Future of Retirement: Why family matters.

Chinese women dominate family finances.[File photo]

Sixty-three per cent of Chinese women say they make all or most of the financial decisions in the household, the highest percentage among their Asian peers.

The survey also points to a lack of confidence as in outside financial planning experts. Whilst the majority of Chinese women (96 percent) say they have a basic to moderate level of experience in financial planning, only 1 percent can claim expert financial savvy (versus 5 percent of Chinese men, 4 percent of Asian women and 7 percent of women globally).

Despite the majority of Chinese (76 percent) having financial plans in place compared to an average of 66 percent across Asia, various gaps in planning still exist.

Over 37 percent of respondents in their thirties do not have any short-term savings. A third (38 percent) of Chinese parents do not have life insurance while another third (35 percent) of those aged 50-59 are not saving for retirement.

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