Effects of Aging Attitudes on Development in Old Age

This session will focus on aging attitudes and their effects on different aspects of development in old age (e.g., preparation, age stereotypes, age discrimination, and well-being). Cultural differences and how they shape individual aging are also explored. The first two presentations focus on cross-cultural differences in preparation for old-age. Nikitin et al. examine financial preparation and how expectations about support from the state influence it. People’s beliefs about the utility and the risk of aging preparation and their role in preparatory activities is investigated by Kim-Knauss et al. Tsang et al. explore age differences in pursuing autonomy and independence during the COVID-19 pandemic and the role of perceived social obligation. Cultural differences in the accuracy between perceived retrospective changes in well-being and actual changes is explored by Park et al. The last presentation (de Paula Couto et al.) focuses on country- and age-related differences in personal experiences of age discrimination in different life domains. Taken together, findings suggest that attitudes toward, and preparation for aging, are not static. Situational contexts and personal assessments of the contexts can shape such attitudes and behavior.

Country Differences in Financial Preparation: What Do People Expect From the State?

A considerable gap between one’s pension and living expenses in old age exists in almost all developed countries, making savings and financial preparation for old age inevitable. Nevertheless, financial preparation for old age substantially differs across countries. Using the data from the AAF project, we investigated what motivates people in different countries (USA, Germany, Czech Republic, Hong Kong, and Taiwan) to financially prepare for old age. Financial preparation was the highest in the USA, followed by Germany and the Czech Republic. The lowest levels of financial preparation were found in Hong Kong and Taiwan. These differences were explained by age-related expectations on a “paternalistic” role of the state: Greater endorsement of the idea that the state should provide financial support to older citizens led to less preparation. These findings are in line with the idea that individuals’ beliefs and expectations regarding the role of institutions shape personal actions.

An Empirical Study on the Financial Preparation for Retirement of the Independent Workers for Profit in Poland

Modern pension schemes are based on the delegation of responsibility for pension provision from state institutions to individuals, which implies voluntary retirement saving. Workers for profit (independent workers in household market enterprises) hold much greater personal responsibility for financing their pensions than workers for pay. The main aim of this study was to provide an empirical identification of economic and social factors that would determine the propensity toward long-term saving for pensions by independent, for-profit workers in Poland. Additionally, the study recognizes the level of saving accumulated by them as well as preferred forms in which this saving is made.In order to select determinants of pension saving, a logistic regression model was used. The data come from the direct survey conducted in 2020 by CAWI method (Computer-Assisted Web Interview) on a random nationwide sample of Poles. The analysis of the data also used other methods of descriptive and mathematical statistics. The conducted research showed that the respondents’ individual decisions concerning saving for retirement are affected by such factors as gender, age, family situation, amount of revenue, share of revenue from business activity in total revenue, and subjective assessment of the respondents’ financial situation. The respondents declared holding various, though not high, savings. Moreover, it turned out that independent workers for profit in Poland opt for non-conventional forms of gathering pension savings.

Islamic Financial Planning: Towards Sustaining the Financial Wellbeing of Muslim Families in Malaysia Post Covid-19

Prior to the Covid-19 pandemic, it was reported that over 60% of the people in Malaysia only have enough savings to last them for less than 6 months in the event of loss of income. It is also reported that only 10.8% of urban Malaysian households have enough savings to withstand ‘financial shocks’ resulting from events such as job loss, economic crisis, physical impairment and death. The current Covid-19 pandemic had proven in stronger term that financial preparation is crucial for unpredictable situations such us the financial problems arising from the economic slowdown caused by movement control orders and lockdowns. Many households; especially those whose breadwinners were being laid-off by their companies, or had their salaries cut-off and asked to take unpaid leave – are in difficult financial situation. Only those with minimal debt obligations, steady income stream and enough financial buffer to pay for expenditures for the coming months are not in urgent need of any government assistance. Hence, it is high time to inculcate the knowledge of Islamic financial planning among Muslim families to ensure their wellbeing.

The Impact of Financial Preparation and Disaster Experience on Households’ Disaster Risk Perception: Empirical Evidence from Quang Binh Province, Vietnam

This paper is aimed at analysing the impacts of financial preparation and disaster experience on households’ disaster risk perception, including perceptions of likelihood and severity in Quang Binh Province of Vietnam, one of the areas strongly affected by natural disasters and climate change. With the data from direct surveying 308 households in Quang Binh province, the research methodology includes Cronbach’s Alpha, EFA and OLS regression models. The key findings are: First, disaster experience has positive impact on natural disaster risk perception. Second, financial preparation has negative impact on natural disaster risk perception. Third, the risk of natural disasters in Quang Binh Province are increasing and unpredictable due to rapid economic growth and urbanization. This fact requires the Government, provincial commitees, and stakeholders to go beyond traditional coping methods, implement more customized policies and specific actions to try to reduce the risks of natural disasters. Keywords: disaster risk, disaster risk perception, financial preparation, disaster experience.

Nordic childcare policies and their implications for South Korea: A documentary analysis

Korea has experienced several decades of low to very low birth rates, contributing to an aging population and posing a threat to the nation’s economy. The government has unsuccessfully attempted to implement policies to develop and maintain childbirth and childcare that would mitigate the reduction of the productive workforce. Korean policy makers acknowledge the Nordic countries as the benchmark for the development and implementation of social welfare programs in this and other areas, but they have as yet been unable to achieve levels of success similar to these countries in reversing low fertility. Using documentary analysis, this study explores the nature and impact of childcare policies in Sweden, Norway, Denmark, Finland, and Korea to gain insights that can help optimize childcare policies in Korea. Based on Gilbert and Terrell’s social welfare policy analysis framework, which asks “who will benefit from this policy?,” “how will these benefits be delivered?,” and “how can necessary funding be accessed to provide benefits?”, the study examines and compares Nordic and Korean policy on childcare according to four main dimensions: (1) types of childcare policy, (2) target of support, (3) method of delivery, and (4) method of financial preparation. Based on this analysis, this study recommends that Korea adopt childcare policies that focus on defamiliarization, decommodification, gender integration, and a child-centered approach.