A survey by HSBC Holdings PLC shows that 65 percent of Asian retirees still provide regular financial support to their families or friends, higher than the global average of 60 percent.
The survey says that more than 20 percent of Asian retirees offer regular financial support to their children, with 15 percent supporting their grandchildren.
“More polled Asian retirees said they have transferred some of their capital to descendants ahead of their official inheritance,” HSBC said in a report yesterday.
Although this kind of tendency mainly resulted from strong -family-oriented concepts in Asia, it increases pressure on retirees, especially for those in an aging society like Taiwan, the British bank said.
Retirees in Taiwan spend NT$25,000 a month on average, which is lower than in other major global economies, JPMorgan Asset Management Taiwan (摩根資產管理) said.
JPMorgan said most Taiwanese retirees hold a conservative investment attitude, as they generally prefer time deposits as their favorite financial management tool.
Eyeing the rising population of elderly people in Taiwan, -Prudential Life Insurance Co of Taiwan (保德信人壽), the local unit of US-based Prudential Financial Inc, has launched an investment-oriented insurance product for people in their 40s and older, the first time a life insurer has launched this kind of product in Taiwan.
By relying on minimum distribution guarantees at between 3 percent and 5.5 percent annually, Prudential Life said that policyholders can enjoy a promising retirement until the day they die.
The company said that more than 33 percent of Taiwanese, or 7.7 million people, are between 45 and 70 years old.
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