Many people have not or had no plans to prepare for physical, mental and financial health before, so their life in the old age is quite difficult.
Many people are young when they are young but old alone
At the age of nearly 60, high blood pressure and diabetes make Ms. Xuan An (Hanoi) no longer able to do her favorite job. She was busy, a little bit happy, old, idle, sick, around the four walls made her feel bored and empty. As a freelance business, she does not have a fixed pension to pay for living expenses, especially when sick in hospital. Her husband died early, the children had a family of their own, and she did not have much money, so she did not want to burden her children and grandchildren.
“Previously, I was only busy working, earning money to support my children, I did not think that far, old age is not good, I have not saved money for personal protection, now I am sick so I am not safe,” said An .
Like Ms. An, Uncle Chau (Ho Chi Minh City) also has a period of old age that is not as expected because of his illness, not well prepared financially. Used to work as an office worker, a monthly pension of several million is enough for living expenses and medicine of the couple.
Uncle Chau used to wish that he could travel and volunteer with his wife, but the violent illness caused the plan to fail. He had to treat the disease, costing nearly 200 million VND during the past two years. The amount saved is only more than half so must be careful and receive more from children.
Childcare, lonely old age, burden of illness, lack of finance are a situation that many Baby Boomers (a group of people born from 1944 to 1965) like Ms. An and Uncle Chau.
Statistics from the General Department of Population and Family Planning show that Vietnamese people have a high average life expectancy (nearly 74 years), but the number of years of healthy life is low. Most elderly people have to deal with sickness and disease. Vietnamese women have an average life expectancy of 77.1 but up to 11 years living with the disease. The average life expectancy of men is 74.4 years and 8 years of illness. Each elderly person has about 3-6 background diseases, most of them are chronic, requiring long-term treatment and care, and financial conditions are required.
Vietnam is one of the fastest aging countries in the world; is projected to become a super old country by 2050. Accompanying an aging population is a challenge in many aspects, including illness, health care, finance, social security … for the elderly.
The top three concerns of the elderly
Not only physical and mental health is also a concern of many Vietnamese in the late afternoon. Prudential’s survey has just carried out over 500 Vietnamese, 30-45 years old in Ho Chi Minh City, Hanoi, showing that physical health is 59% of their biggest concern when getting old, followed by sperm health god (30%) and finance (11%). In which, 53% worry about the decreasing resistance, while still wanting to work, travel, gather friends, take care of their children, enjoy a peaceful and prosperous life …
38% of people in the survey worry about insomnia, affect mental health; 33% worry that their minds are no longer clear or forgetful; 32% concern that they are not smart enough to do what they like. The survey shows that one out of 5 people takes care of a lonely life without being cared for by relatives or family when they are weak.
In the financial aspect, more than 70% of Vietnamese elderly still have to work for a living, most of them have no material accumulation according to the General Department of Population and Family Planning. Due to the lack of financial backup for the old age, no insurance, the elderly have to depend on their children or stay in trouble.
Without or without financial preparation, many elderly people have uncertain lives. “Being old can not make money, if you used to work hard to have a little money when you get old, it will also help. Ms. An said. And Uncle Chau said “the most fearful old age is illness and no money”.
Maintaining good physical and mental health and financial independence are the top three most-expected aspects of many Vietnamese people to have a “dreamlike” old age. Survey by Prudential showed that 85% of people expect an independent life in the old age. Specifically, 94% of cases expect to live well to take care of themselves; 94% want to live happily and work wisely; Having money to pay for health care is what 96% of people want. However, in fact, only 4 out of 10 people said they had planned and taken action for their old life.
Vietnam is a low-middle-income country, so after 20 years, the super-old population could leave many retirees facing the challenge of retirement. The monthly living pension may not be enough to cover the cost of health care during illness. Therefore, early preparation for old age from today for a more independent and qualified future life is essential, especially Millennials generation (group of people born in 1981-1996).
Many people said that trying to accumulate finance to retire early, enjoy a peaceful and prosperous afternoon by saving money, buying health insurance or investing profitably … Mainly, having a plan to protect the health for a long period of 15-20 years or more will help young and middle-aged people prepare more carefully for a comfortable old life.
Setting the goal of early retirement at the age of 50, from the age of 35, Ms. Kim Thuong (40 years old, Ho Chi Minh City) retired from the position of communication manager for a famous company. Having flexible time, she collaborated in writing freelance articles while starting a business and renting a room. Thanks to her reputation in this field, her daily income can be equal to the average salary of new graduates. In addition to the other amount, she said that in the next 5 years, she can spend a lot of time enjoying life and traveling with her husband.
In order to shorten the gap between the reality and the desired life in old age, young people should be well prepared now, not only financial, physical and mental health also need to pay attention. Formal and detailed planning is the first essential step in preparing for the second half of life.
In recent years, the aging population has been one of the top concerns of government, businesses and society. The survey “Independent life in old age” conducted by Prudential Vietnam in collaboration with Kantar Vietnam explores the concerns, expectations and willingness and confidence of Vietnamese people for independent life. in old age, based on 3 aspects including physical health, mental health and financial health.
The survey is the first step of Prudential to join hands in tackling society’s challenges so that aging is not a burden, through activities that help people plan to better prepare themselves to increase their self-esteem. their news for independent old life.