Planning for postretirement: Reducing anxiety in Japan
In 2018, MetLife Japan conducted the MetLife Insurance Change Rougo 47 Prefecture Survey to better understand how Japanese individuals felt about their health and wealth in Rougo or “postretirement life.” The survey found that Japanese respondents were increasingly anxious about their quality of life after retirement, which led MetLife Japan to launch a thought leadership campaign to better amplify the study’s findings and engage Japanese stakeholders to address these concerns. In 2019, the survey was conducted for the second time, targeting 14,100 men and women aged 20-79 across all regions. Due to rising life expectancy, increasing healthcare costs and concerns around the health of the national pension fund, more than 81% of respondents said they felt anxious about postretirement life and more than 63% said they were concerned from a financial perspective.
Among the primary causes of this anxiety were concerns around nursing care, especially in conjunction with critical illnesses such as cancer and dementia, the two greatest health concerns. Close to 72% responded that they did not have any savings for nursing care. As a result, we launched a number of campaigns and programs to better educate people on the importance of financial planning in 2019. Looking ahead, we will continue to work closely with central and municipal governments, academia, and private sector partners across Japan to increase financial literacy, as well as drive better understanding of health issues to support building a more confident future for Japanese society.