Money Matters in Old Age: Japanese Believe ¥28 Million in Savings is Needed
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In a survey targeting 14,100 Japanese people aged in their twenties through seventies, 83.3% responded that they were either “worried” or “somewhat worried” about their old age. That worry stemmed directly from money.
The average amount that respondents to the survey conducted by MetLife Insurance thought was necessary for after retirement was ¥28.3 million. However, the average amount of financial assets they currently held was ¥11.8 million, revealing a 2.5-fold gap between their ideal circumstances and reality. On average, those in their fifties, who would soon be reaching retirement, believed they needed ¥29.5 million, while they only currently had ¥11.5 million, leaving them more than ¥18 million behind in their expectations.
Meanwhile, the average amount of assets held by those who said they were “not worried” about retirement was ¥23.3 million.
When asked if they had concerns about nursing care for themselves and family members, at 75.8%, respondents were most worried about themselves, while a similarly high 74.7% were worried about their spouse. This was followed by 48.9% worried about their own mother, 40.9% for their spouse’s mother, 37.2% for their own father, and 30.2% for their spouse’s father.
Those who said they were already discussing with family members about nursing care only accounted for 13.3%, while 19.4% were not really talking about it, and 67.4% had not broached the subject at all. It indicated that although people have concerns, it seems many do not want to face reality. Even for those aged in their sixties to seventies for whom that reality was getting closer, 56.7% still said they had never discussed it.
This was the same situation when respondents were asked if they were preparing to be able to cover their own care expenses, with 71.5% answering they had not set anything aside. Looking at just those in their sixties to seventies, more than half said they had not prepared.
(Translated from Japanese. Banner photo © Pixta.)