Only 1 in 10 Koreans Are Financially Ready To Retire: Nielsen

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2011-02-17 09:46

SEOUL--(뉴스와이어)--Almost 40% consumers in Korea retired/expect to retire before they reach 60 years of age, according to the Global Aging Report by The Nielsen Company (NYSE: NLSN). All respondents to Nielsen's survey in Korea were below 60 years of age. In the Asia Pacific, 40% of consumers surveyed indicated they would retire/were already retired before the age of 60, while the global average was 30%.

While the majority of Koreans are retired/expect to retire before they turn 60 or 70 years of age, only 10%(→9%) of Koreans said they are financially ready for retirement. 44% surveyed said they are currently not financially set for retirement, and 47% were not sure. Over one-third of persons aged 60+ in North America and Europe felt financially ready for retirement, despite the continuing state of uncertainty in these economies (e.g. jobless claims, the European debt crisis, etc).

“Consumers in Korea are in a dilemma. On the one hand, they are expected to retire before they are 60 years old, but in reality, most of them will not be able to do comfortably,” said Cindy Shin, Managing Director of Nielsen in Korea. Shin added, “Besides the ‘halo’ effect of the economy, consumers will be thinking of ways they can boost their savings or income so that they can be in a better financial position to retire. The possible strategies consumers are likely to adopt include saving on non-essential or discretionary spend and becoming more proactive in financial planning. There is significant opportunity for companies to tailor their products and services to help consumers in the country become more ready for retirement.”

While the fertility rate continues to drop amid growing concerns about an aging society, over a half of Koreans define “old” as being at the age of 60 and beyond. Among the 14 “oldest” countries based on the survey (including Poland with a median age of 42), about 30% believe that the measure of being ‘old’ stands at 80.

Retirement Income

The primary sources of retirement income varied across regions. While 43% of European respondents said they relied on government-run plans, 31% of North American surveyed will rely on personal savings. Within the Asia Pacific region, 51% of consumers will fund their retirement with personal savings, with government-run plans and company retirement plans accounting for 21% each. In Korea, 60 percent surveyed said personal savings would be their primary source of retirement income. (Chart 1)

Keeping active in retirement

As for post-retirement activities, the majority of global respondents (62%) favoured travel, followed by clubs (36%) and taking care of grandchildren (34%). Some of the key activities for Koreans who are retired/retiring include:

- In line with the global preferences, 56% of Koreans said they plan to travel in their retirement years. In Asia Pacific, the average was 66%.
- In their retirement years, Koreans are the most unlikely group of consumers in Asia Pacific who will be taking care of grandchildren (15% indicated they would look after their grandchildren vs. Asia Pacific average of 35%), followed closely by the Japanese (16%).
- Within the Asia Pacific region, consumers in Korea are the second most-likely group to be interested in a second career post-retirement. The average for the region was 19%.
- 34% will join a club and its activities, compared to 46% in Asia Pacific (average)

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