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AIA Life released the “Protecting the Seniors? Financially Suitable Elderly Survey Report” to listen to the voices and needs of financial consumers facing retirement life.

AIA Life released the “Protecting the Seniors? Financially Suitable Elderly Survey Report” to listen to the voices and needs of financial consumers facing retirement life.

  On the occasion of the Consumer Rights Protection Education and Publicity Month, in order to effectively protect the legitimate rights and interests of financial consumers and strengthen financial consumer education, AIA Life Insurance Co., Ltd. (hereinafter referred to as “AIA Life”) has released the “Protecting Seniors·Finance” Survey report on suitable bosses. AIA Life conducted a random survey of more than 40,000 samples of consumers of all ages in dozens of provinces and municipalities to fully listen to the voices and needs of consumers facing retirement life. It found that including “wealth freedom”, “modern respect”, “love” and belonging”, as well as “risk awareness” and other aspects of the financial aging behavior insights of the elderly to help the elderly achieve a happy and quality retirement life, and take multiple measures to help the elderly plan their “money bags”. This time, AIA Life focuses on the changes and differences in the mentality of financial consumers from “retirement” to “enjoyment” in their later years, helping the industry to proactively identify the needs of financial consumers and implement the needs of thousands of people for elderly care services.

Data show that as of the end of 2022, my country’s population aged 60 and over will be 280 million, accounting for 19.8% of the total population, an increase of 1.2 percentage points from 2021; and it is expected that by around 2035, my country’s population aged 60 and over will exceed 4 billion, accounting for more than 30% of the total population, entering a stage of severe aging. Coping with population aging has become a national strategy. The “14th Five-Year Plan” states that it is necessary to “implement the national strategy of actively responding to population aging, accelerate the improvement of social security, elderly care services, and health support systems, and integrate the concept of positive aging and healthy aging into the entire process of economic and social development.”

In terms of elderly care methods, according to data from the National Health Commission, my country generally presents a “9073” pattern, that is: about 90% of the elderly choose home care, about 7% rely on community support for care, and the remaining about 3% of the elderly choose to live in institutions for retirement. At the pension insurance level, my country’s pension insurance system includes the three pillars of government-led basic pension insurance, enterprise annuities and personal pensions; it is now generally accepted internationally that the appropriate pension replacement rate should be above 55%; but as of the end of 2021, my country’s The pension replacement rate for urban employees has dropped to about 40%.

Jiang Limin, chief customer officer of AIA Life, said: “In order to more comprehensively understand the voices and needs of consumers facing retirement life, and in response to the National Development and Reform Commission’s notice on promoting the improvement of quality and efficiency of public consumption of senior care, AIA Life released “Protecting the Seniors·Financially Appropriate Elders” “Research Report” focuses on the changes and differences in financial elderly-friendly behaviors of different age groups from ‘retirement care’ to ‘senior care’, providing forward-looking insights for the industry, helping to solve the problem of thousands of people with different needs for elderly care, and implementing services , hoping that the vast number of financial consumers can achieve a quality life of “enjoying old age” that is full of happiness.”

Regarding insights into “daily living”, AIA found that more than 47% of consumers believe that the most needed help in the aging process is “having durable and reliable resources around them to solve the problems encountered in daily life.” It can be seen that consumers generally need new ecological health care services that are within reach and can respond promptly and quickly to improve the convenience of daily life; their demand for quality in the whole-stage elderly care process has huge growth potential. Against this background, AIA actively promotes services to ensure people’s livelihood, supports the development of the real economy, continues to deepen elderly care services, strives to meet the diversified and multi-level needs of the people, provides protection for the elderly care needs at all stages of life, and protects consumers’ enjoyment of comfort. Retirement life.

Regarding the insight into “wealth freedom”, AIA found that nearly 26% of consumers are most concerned about “having an adequate pension” when thinking about retirement. Age-stratified data shows that elderly consumers who have experienced the process of aging are more aware of the importance of preparing adequate personal pensions. This group believes that adequate pensions are the most important option. At present, as my country’s modernization level continues to improve, residents’ demand for “happiness” has become stronger, and more and more consumers have begun to cherish the vision of “wealth freedom” for quality retirement care. AIA Life, which has been cultivating the local market for many years, realizes that in order to meet consumers’ growing needs for a better retirement life in the future, it is urgent to promote the continuous development of personal pensions, the “third pillar of retirement care.”

Regarding the insights of “love and belonging”, AIA found that more than 31% of consumers over 70 years old significantly attach importance to “satisfying spiritual needs in retirement life”, and more than 51% of consumers over 70 years old are eager to prepare for the aging process. I need “someone to chat with me”. Data from Peking University’s China Health and Retirement Tracking Survey (CHARLS) show that 78% and 66% of the elderly respectively believe that “care for children” and “participating in more activities” can effectively alleviate depression in the elderly; therefore, family members’ support for the elderly Care and companionship should also be further valued, and the social needs of the elderly are expected to be further explored. The “14th Five-Year Plan” National Aging Care Development and Elderly Care Service System Plan proposes to promote the coordinated development of aging care and industry, build and improve a diversified elderly care service system, and vigorously develop a coordinated service system at home and in the community to enable the elderly to The sense of gain, happiness and security are significantly improved. Therefore, institutions related to elderly care services should explore more diversified elderly-friendly scenarios, combine the physical and mental needs of the elderly, help solve the social needs of the elderly in a targeted manner, and bring happiness to the elderly in their later years.

“Zengguang Xianwen” says, “You must eventually grow old.” The issue of elderly care is not only closely related to one generation, but also a life issue that multiple generations will surely think about and even plan for. To solve this problem and promote the high-quality development of the silver economy, we need the joint support of the government, enterprises, and society to jointly build a senior care service system with deep coordination of home care, community care, and institutional care, and a deep integration of medical and health care. Promote the implementation of the national strategy to actively respond to population aging.

AIA Life reminds: Pay attention to property safety, guard against misleading insurance sales, do not believe in “agency surrender” or “agency rights protection”, and be wary of illegal fund-raising scams in the field of elderly care by criminals in the name of “housing for retirement” and “free retirement”.


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