Balancing Tradition and Modernity: The Future of Retirement in East Asia

This report examines the future of retirement in East Asia, exploring the economic, social, and cultural trends shaping retirement systems and the implications for individuals, governments, and businesses.

(Generated with the help of GPT-4)

The survey used a random, nationally representative sample, except in China where it was urban-only. Conducted by Ipsos, it included main earners aged 20 or older, with interviews by telephone. Results were weighted by age, gender, and education using census data. Sample sizes ranged from 748 to 953, except for China's 2,826. Margins of error were between ±1.8% and ±3.6%.

(Generated with the help of GPT-4)

The CSIS East Asia Retirement Survey reveals that while the extended family has traditionally played a key role in retirement security in East Asia, there is a growing preference for individual responsibility. Rapid development and demographic changes are transforming attitudes and expectations, with younger generations anticipating a different retirement experience than current retirees. The survey suggests that future retirees will be more affluent, educated, and market-oriented, but many are not on track to save enough for a comfortable retirement. Governments and businesses must adapt policies and products to meet the changing needs and preferences of aging populations.

(Generated with the help of GPT-4)

Categories: Asia geographic scope | English publication language | United Kingdom geographic scope | asset management | cultural trends | demographic change | demographic transition | demography | east-asia | economic trends | economy | filial piety | financial literacy | financial services | government policy | intergenerational support | market orientation | migration | old-age poverty | pension systems | retirement | retirement planning | savings | social trends | urbanization in asia | workforce participation