SINGAPORE: With growing affluence and shrinking families, attitudes towards retirement and saving trends in East Asia are set to change.
Asians are saving for their own retirement and looking to rely less on their children for income support when they retire, according to a survey conducted by the US-based Centre for Strategic and International Studies.
The survey, which was commissioned by Prudential, tracked retirement behaviours and expectations across six Asian countries including China, Hong Kong, Malaysia, Singapore, South Korea and Taiwan.
The traditional Confucian value that families will provide for their elderly is now under pressure in Asia.
Only a minority of the survey participants, from a low of four per cent in China to a high of 22 per cent in Singapore, believe that grown-up children should meet the financial needs of their retired parents.
In contrary, a significantly larger proportion, from a low of nine per cent in China to a high of 53 per cent in South Korea, said that retired people should be responsible for their own retirement income.
For many families in Asia, planning for retirement now takes precedence over saving for one's children.
With an ageing population, experts said the younger generation should take a more active role in planning for their own retirement as gaps in pension coverage and rising inflation rates will erode their savings.
Full Text: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1212752/1/.html
