Old age care is a significant concern for Asia's middle class, with 80% of respondents to a survey claiming they are caregivers to their parents and/or in-laws, said Hong Kong-headquartered Peak Re.
In an article headlined “Unlocking Potential: Asia’s Middle-Class Women and Old Age Care”, Peak Re chief economist Clarence Wong said that while the family was a crucial support system for old-age care, it was also the number one source of stress for respondents, surpassing work-related stress.
This highlighted the dual role of family in the context of old age care – as both a support system and a source of stress.
The survey also found that family is the third most important source of finance for old-age care, higher than government support, the fourth most important source of financing. This underscores the importance of family in the Asian context, not just as caregivers but also as financial supporters.
The table below summarises the responses to the question posed as part of the survey: “Are you a caregiver of your parent(s) and/or parent(s)-in-law?”
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Response
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Proportion of respondents
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I am the main caregiver with support from my partner, close family members and/or helper
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40%
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I am one fof the caregivers but not the main one
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22%
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|
I am the only caregiver
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18%
|
|
They are healthy and do not need care services
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17%
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|
I don’t take care of the them
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3%
|
|
Source: Peak Re
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The survey was conducted by Intuit Research between 7 and 24 June 2024, and included over 7,000 respondents from China, India, Indonesia, Malaysia, the Philippines and Vietnam.
Old-age care is one of several topics covered by the survey.