Comment posted to: Does the idea of planning for retirement vary across the globe?
Huge numbers of people in the in the USA and I believe in England too, have done a horrible job of saving for retirement. Many in China save over 20% of their income. Why shouldn't they be confident. Also comparing to your parents in China is a pretty easy comparison to beat. I am still learning about Malaysia (I would imagine they save well - but it is possible they are just optimistic :-)
Saving for retirement everywhere is pretty basic. You have to save 8-12% of your income to have a decent shot at a good retirement. And in exceptional circumstances you need something different. I write about investing and retirement on one of my blogs: Retiring Overseas is an Appealing Option for Some Retirees, In the USA 43% Have Less Than $10,000 in Retirement Savings, Delaying Retirement – Working Longer.