高齢者間の経済的な格差、平均値によってぼやける　　　　　　　　　　　　　気ままなリライト７６

働く高齢者の貯蓄増加　10年で3倍、消費喚起欠かせず - 日本経済新聞

A growing intergenerational gap in the ownership of financial assets, largely held by certain portions of elderly households has sparked much debate among economists. Some are viewing the situation as a hindrance to the fluid circulation of money in the Japanese economy, with the image of old Scrooge blocking intergenerational economic exchanges. Some economists are interpreting the trend as a reflection of the elderly’s lifestyles and their values about money, laying blame on the government for the defensive measures they had have to take. Others are taking disparity in the ownership of financial assets across generations as an inevitable outcome in a prolonged period of economic stability without a reset for fair wealth distribution.

The spectrum of financial assets in Japan was heavily skewed towards elderly households, according to the 2022 elderly household survey conducted by the Ministry of Internal Affairs and Communications. The survey revealed that households aged 60 and over held more than 60% of the total financial assets in Japan, amounting to 1,200 trillion yen. Of the total, more than 600 trillion yen were nestled in savings accounts. Breaking it down further, 260 trillion yen belonged to those in the 60 to 69 age bracket, and over 350 trillion yen was owned by those aged 70 and above. Savings held by households aged 60 and over represented a striking 64% of the total savings.

Over half of the elderly population aged 65 and above have still been working, highlighting their financial concerns during their later years following retirement. According to the 2022 household survey by the Ministry of Internal Affairs and Communications, out of an average monthly income of 450,000 yen, 110,000 yen per month was saved in multi-person households headed by working elderly individuals aged 65 and over. That figure was three times greater than that of a decade ago, with a 50,000 yen increase in the average household annual income and a 20,000 yen increase in the average annual pension payments, compared with those in the 2012 survey. The majority of elderly people have recognized the necessity of relying on savings to supplement their pension income, as age-related diseases or declining health have made them more likely to require nursing care after reaching a certain age. According to a 2019 survey by the Ministry of Health, the threshold for autonomy was typically around 73 years for men and 75 years for women, after which the need for geriatric care became more prevalent.

Stereotypical average figures have masked a stark divide between the affluent and the impoverished within the same demographic. For instance, while over 40% of seniors aged 60 and above trudged through the financial quicksand with the assets valued at less than one million yen, 30% of the same age group scaled the financial Everest, boasting more than 20 million yen. The inflated average amount of financial assets, pushed up by wealthier seniors with over 20 million yen, led to a generalized perception of all elderly households as being affluent. That painted an inaccurate picture of the financial reality for many seniors, who were eking out a living in the financial desert rather than basking in the financial wellspring. Furthermore, the disparity in savings within the same age group widened like a growing chasm in higher age brackets. The chasm was obscured by the use of average figures.

Behind the increasing concentration of financial assets among wealthy elderly individuals are disciplined money-saving habits, enhanced financial literacy and a heightened awareness of aging wellness. In the face of the prolonged economic stagnation following Japan’s bubble economy, certain elderly individuals or households, armed with the concept of compound interest from an early stage, have diligently nurtured their nest egg over the years. Their journey of weathering the storms of adversity have shaped monetary wisdom that views wealth not only as a means of providing financial safety and peace of mind, but also as a tool to handle life's challenges more proactively while balancing financial richness and mental richness.

Determining how to utilize accumulated wealth has frequently posed a challenge to many elderly individuals. Smart decision-making about spending depends on personal beliefs about why money matters in life. Those beliefs motivate them to trade their money for what they deem value. Without an insight into the role money plays in enhancing their financial and mental well-being, they have found it difficult to make spending decisions. As they age, a decline in self-confidence in their capacity to generate wealth often has affected their financial resilience. The fear of losing money has driven them to treat their savings like untouchable sacred treasures, leading to reluctance in spending or investing. The wealth they have built up over their lifetime has remained largely untapped and underutilized. According to 2019 statistics, an impressive 72% of inheritances came from those aged 80 and above. The task of managing inherited wealth was intimidating for seniors who lacked experience in wealth management or the necessary financial acumen, particularly when the size of the inheritance stretched beyond what they could comfortably manage, pushing the envelope of their financial capabilities.