A study titled ‘Independent Seniority in Viet Nam’ by Prudential and Kantar measures the level of readiness for and confidence in living independently when they grow old among Vietnamese. — Photo courtesy of the company

Viet Nam will see an increase in its ageing population in the coming years, with people aged 60 and above estimated accounting for 29.8 million or 27.2 per cent of the population by 2050, according to HelpAge International.

Given this projection, British life insurer Prudential partnered with Kantar, the world’s leading data, insights and consulting company, to carry out the first-ever ‘Independent Seniority in Viet Nam’ study showing the realities, expectations and level of readiness and confidence among people.

People aged 30-45 living in HCM City and Ha Noi were polled in terms of physical health, mental health and finances.

The study found 85 per cent desiring to be entirely independent in their senior age. The rate was even higher among those most concerned about their finance (95 per cent).

Physical health was the top concern (59 per cent) followed by mental health and finance (30 per cent and 11 per cent).

There was a gap between expectations and preparation levels for independent seniority, with only four in 10 people having plans for old age and actively working towards them.

Women were seen to have better plans for senior age than men in a ratio of 75 per cent to 59 per cent.

For those without plans or actions for their seniority, family duties (51 per cent) and financial instability (44 per cent) were the key reasons for procrastination.

Vietnamese tend to start planning for seniority when they reach the age of 40.

While the level of readiness for senior life across physical, mental and financial aspects was quite high at more than 70 per cent, the level of confidence to be able to reach the expected goals was only about 40 per cent.

Married people were more ready (over 74 per cent) and confident (44 per cent) about senior life than single ones.

Phuong Tien Minh, CEO of Prudential Vietnam, said, “The research results are quite interesting.

“As the economy and society in Viet Nam keep progressing with the shift in family structure and the influence of western culture, we can see a huge change in mindset about independent seniority mong Gen X and Y compared to previous generations.

“Although 85 per cent of Vietnamese would like to be entirely independent in their senior age, only 40 per cent are planning and acting for it. This is a challenge for each of us to address to achieve the aspirational life.

“[The study] is the first step in Prudential Vietnam joining hands to proactively care about the hot social issue of ageing population. In the coming years we will continue to implement activities to help people prepare better and to increase their confidence level for independent seniority.”

In recent years the ageing population has become the focus of growing concern among policymakers, business leaders and the public. — VNS