Currently showing: Funding longer lives

17 Sep 13 13:57

In answer to the question, 'Looking ahead, 20 years from now, how likely do you think it will be that the proportion of people aged 65 and over will be a major financial concern for society?'

I compared the responses from those aged 15-29 years and 60+ years for Japan and the UK to give an idea of how different generations might respond to this.

For the younger generation, (15-29 year olds), 58% of respondents in Japan felt that this was very likely and another 36% felt that this was somewhat likely. In contrast, 30% of UK respondents in this younger age group felt that the proportion of people aged 65 and over will be a major financial concern for society, with a further 40% that it will be somewhat likely.

(Overall 94% concerned vs. 70% concerned, Japan vs. UK respectively).

In the older age group, 60+ years, 62% of respondents from Japan felt that the financial concern was very likely, and 32% somewhat likely. Their UK counterparts responded with 59% and 27% respectively resulting in 94% concerned vs. 86% concerned, Japan vs. UK respectively.

Very few believed that the concern was not likely at all; for 15-29 year olds in Japan there was a 0% response to this answer, and 3% from the UK cohort.
In the older age group, 60+ years, this was 0.7% and 4%, Japan and UK respectively.

So it seems that the two generations have somewhat different views; the contrast greater in the UK.

Could this be as a result of how inheritance and long-term care are viewed in quite different ways between the two countries?

Risk Window | Swiss Re;cnt=516;age=18

Category: Funding longer lives


Alicia Montoya - 18 Sep 2013, 7:36 a.m.

Hmm, fascinating! Could it be due to different life expectancies? Do you happen to know what those are for the two countries?

Nicola Oliver - 18 Sep 2013, 1:22 p.m.

Hi Alicia yes according to the WHO, average life expectancy at birth overall in Japan is 83 years; 79 for men and 86 for women. For the UK these figures are 80, 79 and 82 respectively.

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