Japan, We Have A Problem Here

In a recent survey conduced by the Cabinet Office (Government of Japan) and published in the 2014 Annual report on the Aging Society, more than 50 percent of respondents shared that they were willing to work past the age of 65.

The 2014 Annual report on the Aging Society polled both male and female employees, aged 35 – 64 years old.

A key rationale behind the finding on why respondents wanted to continue working was mainly because they wished to “cover living expenses” (76%). The next highest reason that came in at only 4% of the respondents polled was to “earn money that I can spend freely”.

A starker picture is painted when coupled with the answers to the question about the respondents’ capability to manage their own finances during retirement. Over 65 percent shared that they felt they were “significantly insufficient” and “slightly insufficient” when it comes to preparing economically for their retirement.

Japan is looking to present these findings to the Cabinet shortly where they will debate and discuss more means of managing an aged society from the country and individual levels.

As the first country to deal with a “Super-aged” economy, what and how Japan handles this demographic shift will reveal lessons to many other countries that will not be too far behind on the curve.

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