The number of people aged 60 years
and over is increasing. ;According to the UN, by ;2050 it is projected
to reach almost two billion, or 22% of the world’s population. Increasing
longevity is changing the way we live and work. HSBC is dedicated to advancing
the global debate on maturing populations and our changing approach to ageing
and retirement. By building a vast resource of knowledge to engage and inform
a range of people worldwide, we aim to help governments, individuals and businesses
better understand the significant changes they are going to experience.
The Future of Retirement: What the
world wants study is the world’s largest
survey on attitudes to ageing, longevity and retirement conducted amongst
21,329 individuals and 6,018 private sector employers in 20 countries and
territories across five continents. The results compare the attitudes of employers
and consumers regarding ageing and retirement.
In rapidly modernizing and fast-paced urban China, views of retirement
vary between a time for rest and relaxation and an opportunity for a whole
new chapter in life. The Chinese would either like to go back and forth between
periods of work and leisure or work part-time in their later years. China
is one of the rare countries which does not support enforced additional private
savings as the best approach to avoid a retirement funding shortfall.
- Older
people in China are said to deserve respect and are regarded as interesting.
In contrast, the Chinese also believe that their elders spend too much time
living in the past.
- However,
most agree that family is central, and that staying young at heart and having
loving family and friends are the keys to a happy old age. Virtually all
Chinese expect to rely on their children for care and support in later life. - The ideal
place to live later in life for the Chinese is either with family or in
close proximity to family and friends. - Health,
caring for ageing relatives, and not having enough money are all serious
concerns for the Chinese as they get older. - In China,
the people along with their government are expected to be responsible for
individual retirement planning. This may be an indicator as to why the Chinese
are not as prepared for their retirement.
Chinese employers do recognise the value of older workers, many of them
seeing them as more reliable, productive, loyal and technologically orientated.
However, they are poor at offering flexible working options for older employees.
They are among the least active at trying to recruit workers over the age
of fifty. Chinese employers are also among those most in favour of being able
to enforce a fixed retirement age.
