Kathmandu. The growing retirement gap in Asia is creating both risks and opportunities for insurance companies. Because many people continue to work beyond retirement age due to financial pressures. <\/p>\n
Sun Life’s Retirement Reimagining: Asia’s Retirement Segmentation Survey reveals this. In the survey, 69 percent of the respondents said that they will continue working after retirement age. Although some choose to do so for purpose or welfare, nearly two-thirds, or 62 percent, want extra income to cover daily expenses and secure their long-term finances. <\/p>\n
This has exposed the gap between retirement savings and security. This is where insurance companies play an important role. <\/p>\n
Asia is home to about 60 percent of the world’s population over the age of 60. This figure is expected to double to 1.3 billion in the next 25 years. <\/p>\n
As life expectancy increases, insurers are facing increasing demand for retirement income products, health coverage and long-term financial planning solutions. The survey points to two different customer segments. One group is financially prepared and may delay retirement by choice because of lifestyle. <\/p>\n
The second group postpones retirement. Because this group can’t stop working. <\/p>\n
Of those who delayed retirement because of necessity, 52 percent said they needed more time to save. This difference reflects the difference in access to insurance and retirement plans across the Asian region. <\/p>\n
These results also raise concerns for insurance companies about how customers are planning for retirement. The use of generative AI tools for financial decisions nearly doubled to 22 percent. In 2024, reliance on banks and independent financial advisers fell from 43 per cent and 41 per cent to 35 per cent and 34 per cent, respectively. <\/p>\n
This change indicates increased self-planning. This increases the risk of an underinsured or inaccurate retirement strategy. <\/p>\n
Confidence in retirement is low. Only 22 percent of survey respondents said they were very confident in their retirement plans, and half either don’t plan or start planning within two years of retirement. Financial insecurity is a major cause of frustration. This is stated by 45 percent of non-retirees who are not interested in retirement. <\/p>\n
Good physical and mental health was the main reason why people were more optimistic about retirement. While 32 percent cited poor health as a reason for retiring earlier than planned. <\/p>\n
“These results highlight the insurance industry’s role in addressing retirement inequality through advice, protection and income solutions,” Sun Life said. That’s because an aging population across Asia puts increasing pressure on personal savings and public systems. \u2014Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The growing retirement gap in Asia is creating both risks and opportunities for insurance companies. Because many people continue to work beyond retirement age due to financial pressures. Sun Life’s Retirement Reimagining: Asia’s Retirement Segmentation Survey reveals this. In the survey, 69 percent of the respondents said that they will continue working after retirement […]<\/p>\n","protected":false},"author":16,"featured_media":286256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-286275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=286275"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286275\/revisions"}],"predecessor-version":[{"id":286276,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286275\/revisions\/286276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/286256"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=286275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=286275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=286275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}