I'm now in Tokyo getting ready for Swiss Re's first 150 Years Anniversary event in Asia.
With "Abeconomics" in full swing plus the festive seasons coming up, I can really feel the economic vibrancy and joyfulness in the city especially in the major shopping and dinning places. The economic prospect of Japan has never been so good after a prolonged period of stagnation.
So what still worries people most? The cost of supporting an increasing ageing population is rated the number one worry in Japan, according to our recent risk perception survey. It's not surprising with people living longer and better quality of life.
The next question is: How do Japanese people plan to tackle this challenge? It's quite alarming that 31% of the respondents think they will "never retire" - the highest percentage across the 19 markets surveyed globally. And 31% would prefer cutting back on expenditure when they stop working in order to try and keep the costs of retirement low, as opposed to working longer. What's your preference?
What's more, 31% are prepared to pay through their own income, or via their own savings, to ensure that a relative or loved one receives the care required. Only 22% would take out insurance for a loved one – the lowest figure of all the markets surveyed.
What's on your mind? Are there any better options or trade-offs for individuals? What collective actions can be done to help? What lessons can be learned for other Asian countries?
Category: Funding longer lives