New Report by RGA, SOA Reveals Japan’s Retirement Readiness Challenges

Reinsurance Group of America Incorporated (NYSE:RGA) is one of the most undervalued large cap stocks to buy according to analysts. On June 10, a new report titled “Retirement Readiness in Japan: Financial Security and Risk Perceptions” was released by the Society of Actuaries/SOA Research Institute in collaboration with the Reinsurance Group of America.

The report is based on a November 2024 survey of 750 Japanese respondents and shows challenges in a rapidly aging society where ~29% of the population is aged 65 or older. Key findings show limited financial literacy, with 17% reporting no knowledge of investment products and 42% having limited knowledge. There’s a visible gap in planning, as 37% of Prime Age Workers and 45% of Pre-Retirees haven’t done any retirement planning.

New Report by RGA, SOA Reveals Japan's Retirement Readiness Challenges

An individual signing the dotted line for a life insurance policy.

Concerns about external factors like tax increases and the impact of an aging society dominate for 90% of respondents. Many anticipate relying on full- or part-time work for retirement income and lack confidence in their savings. Still, there’s growing interest in guaranteed or fixed-income products and annuities. Engagement in retirement planning has improved since 2018, with the willingness to buy lifetime income products increasing from 22% to 35% by 2024, and active management of savings rising from 21% to 50%.

Reinsurance Group of America Incorporated (NYSE:RGA) provides reinsurance and financial solutions.

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Disclosure: None. This article is originally published at Insider Monkey.