EIU report highlights knowledge gaps in matters of health and wealth

Health

EIU report highlights knowledge gaps in matters of health and wealth

October 26, 2017

Global

  • Only 22% of survey respondents across eight countries were aware of the years they should expect to be retired
  • Only 33% could identify the leading cause of death in their country
  • Respondents in Japan and South Korea showed the most accurate understanding of their current and future prospects
  • Respondents in India and China showed least understanding of their current and future prospects

These are the key findings of , a report released today from The Economist Intelligence Unit (EIU). The study,supported by MetLife, surveyed 1,600 people across eight economies—Australia, China, Hong Kong, India, Japan, Malaysia, South Korea, and the US—to test general knowledge on questions such as how long respondents should expect to live, what diseases they should be most concerned about, and where their country ranks in terms of retirement income. Their answers were compared to the “reality” of what citizens of their countries typically experience in these areas based on data and forecasts from the EIU, World Health Organization, World Bank and other credible sources. 

The results show clearly that more knowledge is needed in order for people to make the most beneficial decisions about their health and wealth needs. The overall average “correct” response rate for the ten questions asked was only 37%. The knowledge gap is important because without proper understanding and planning people are likely to encounter greater health and wealth problems as they age. Collectively, this could create a much larger problem for societies as a whole.

Even in rapidly-aging countries such as Japan and South Korea, a large percentage of survey respondents (46% in Korea and 48% in Japan) under-estimated how long they are likely to live after retirement.

Across seven of the eight countries surveyed (India was the exception), cancer was the health concern most identified by respondents, chosen as the top concern by 41%% from a list of 11 other diseases and afflictions. Cancers (in aggregate) are the leading cause of death in Japan, South Korea, the US, and Australia, but in Malaysia and India the leading cause of death is coronary heart disease and in China it is stroke.  

Respondents in Japan and South Korea exhibited the strongest knowledge of the issues, although with an average accuracy rate of 47% in Japan and 44% in South Korea, that figure is arguably still low. Respondents in India (27%) and China (34%) showed the largest knowledge gap, likely as a result of the scope and pace of change both countries are experiencing.

As individual citizens take on more responsibility for matters related to their health and wealth, the results of the survey strongly suggest that more education needs to be provided in these areas. Experts say this can start as early as grade school, but it also must continue throughout life.

Chris Clague, the editor of the report, said:

“Health and wealth are fundamental issues that everyone worries about, but it’s clear from the survey results that many, if not most people, need to improve their understanding of key concepts. While there is an element of personal responsibility in this, the public and private sector alike can and should do more to help in terms of education.”

 

 

Press enquiries:

Tokyo (English): Chris Clague, managing editor, Asia

+ 81 3 5223 2662

 

Tokyo (Japanese): Naka Kondo, editor, Asia

+81 3 5223 2166

 

Hong Kong: Alice Tong, head of marketing, content solutions, Asia-Pacific

+852 2585 3835

 

About The Economist Intelligence Unit

The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit helps executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information can be found at or

 

About MetLife Japan

MetLife started operations in 1973 as the first foreign life insurance company in Japan. Since then, it has provided an innovative and broad range of products through diverse distribution channels to individual and institutional customers. It currently operates as a Japanese corporation, MetLife Insurance K.K. MetLife is committed to providing trusted navigation to help people become more self-reliant and able to pursue more from life. For more information, visit .

 

メットライフ生命について

メットライフ生命は、日本初の外資系生命保険会社として1973年に営業を開始し、多様な販売チャネルを通して、個人・法人のお客さまに革新的かつ幅広いリスクに対応できる商品を提供してまいりました。現在は日本法人「メットライフ生命保険株式会社」として、お客さまに常に寄り添い、お客さま自らが自信を持って最適な保障を選ぶお手伝いをし続けることに努めています。

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