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.
The Japanese have mixed feelings about retirement and their elders. They
associate retirement with freedom, but also potentially with loneliness and
boredom. For many, later life is viewed as a solitary affair, with few planning
to spend more time with family or friends, but instead looking to travel or
take up a hobby. The vast majority of Japanese would like to balance work
and leisure during retirement as a continued source of income and fulfillment.
Japan is one of the rare countries which does not support enforced additional
private savings as the best approach to avoid a retirement funding shortfall.
- In Japan
there is strong opposition to the current system of mandatory retirement. - Most think
they should bear most of their own retirement costs. In reality, they will
bear the costs with the assistance of their families and of the government.
Remarkably, few indicate they are actively planning and preparing for retirement. - Family
is a source of support in later life. - Maintaining
health in their old age is a priority to the Japanese. - Many Japanese
have surprisingly negative views of their elders, few say that their elders
either deserve respect or that they are interesting to be around.
Japanese employers do recognise the benefits of older workers but are not
doing as much as they think they should to cater for their needs. Many Japanese
employers do actively try to recruit older workers and they are the least
likely to encourage their employees to take full early retirement. However,
Japan has the highest number of companies with a mandatory retirement age.
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