Taiwan: Half of working population wary of inadequate retirement funding

| 09 Aug 2021

Just more than half (50.4%) of the working population, especially the young, believe that they would not have enough retirement funds, according to a survey published by Taiwan Life Insurance and National Chengchi University Business School.

Respondents' concerns revolve around the four major areas of retirement preparation, retirement financial management, medical protection and long-term care.

The poll findings also show that 72.1% of respondents believe that they should continue to manage their finances after retirement while 57.5% are willing to continue working beyond retirement age because they are worried about retirement funding.

Furthermore, 74.1% of respondents who are working fear that the government would reduce future benefits under the Labour Pension System.

More than half of respondents believe that pension reform is urgent and that the retirement funding gap is a serious problem.

Despite worries over pensions, 40% say that they have made no plans for retirement savings. 95% are concerned about future healthcare funding in the public health system. More than 60% are not familiar with the long-term care system and commercial long-term care insurance. Around 35% have bought long-term care insurance.

The survey polled around 1,200 retirees and working people aged over 25 by telephone from 5-25 May.