A Cabinet Office survey of persons 60 and older found that a combined 64.6% had either “plenty of leeway and no financial worries” or “relatively few financial worries.” The older the respondents, the more likely they were to fall under the category of not having financial concerns, which included 71.5% of those 80 or
They even accompany the elderly to the doctor’s and assist them in errands like grocery shopping. The need for such services and elderly-friendly features in public amenities can only grow in Japan, where one in four of its 127 million population are aged 65 years and above.
Explanation: Precautionary saving and bequest motives explain how the elderly decumulate wealth. Precautionary saving explains more than bequests how the elderly decumulate wealth. The financial burden of parental care may affect wealth decumulation of the elderly.
In many countries, including Japan, the elderly are defined as having a chronological age of 65 years or older.
In Japan, the elderly are generally treated with the utmost respect. Many Japanese families have several generations living under one roof. This factor is believed to be one of the many reasons that in Japan, elderly people live longer than any other population.
The Japanese government has taken a multi-prong approach to meet the needs of the Japanese population and boost economic growth. In 2000, Japan implemented a comprehensive Long-Term Care Insurance, known as one of the most generous and comprehensive health insurance in the world.
The Japanese have the highest life expectancy at birth among the G7 countries. The higher life expectancy of the Japanese is mainly due to fewer deaths from ischemic heart disease, including myocardial infarction, and cancer (especially breast and prostate).
On Japan’s Okinawa Island, nicknamed the “island of longevity”, locals refuse to die. Residents suffer from low levels of heart disease, cancer and dementia, and Okinawans’ robust social life and strong sense of ikigai (a unique purpose in life) often keeps them alive and healthy past the age of 100.
The Cabinet has approved bills requiring companies to retain their workers until they are 70 years old, effectively raising the retirement age from 65 to 70.
With the population declining, rapidly ageing, and the birthrate depleting, the economic, political, and societal prospects for Japan are grim – especially for young people. Japan has had a long tradition of respecting their seniors and having a strong obligation to care for them (Independent, 2018).
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