Analyzing the sources of older people’s self-dependency and overall financial wellness in four Asian countries and the United States

Deskripsi

The authors find that people near retirement in the United States (US) have the most wealth, while those in the People’s Republic of China (PRC), India, and the Republic of Korea show higher financial self-reliance. Japan leads in consumption-based preparedness, with people expected to maintain their pre-retirement consumption. Key determinants of preparedness include education and risky asset holdings, suggesting that policies promoting financial literacy and market development could significantly improve older people’s financial independence.