Bangkok--11 Feb--Krungthai-AXA Life Insurance Thais have a positive view in retirement but do not have much prepare for retirement life and start preparing themselves at aged 43 and expect their retirement income to be lower than their last salary. Saifon Sutchasila, Chief Marketing Officer, Krungthai-AXA Life Insurance said “The finding is part of 2008 AXA Retirement Scope, AXA Group, a global study of more than 15,000 people across 26 countries. Thailand is participating this year for the first time to AXA Retirement Scope by comparing perception and reality of working people versus retired or early-retired people, 300 sample size each in nationwide. The finding is they have a positive view in retirement which is similar with other Asian countries by divided in 4 topics.” Perception and retirement life - Thai workers desire to retire early on average at aged 58. However, they will work until aged 60, the eligible retirement age. - Thailand ranks third after Philippines and Malaysia with 31% of retirees holding of a paid job during retirement is concerned. Three quarters of the workers plan to hold a paid job during retirement. On the contrary, based on facts, only one third of retired people really did so (44% in the Central region). - 62% of working people approve raising the minimum retirement age, and even more among the low income. Female retirees are also strongly approved in the minimum retirement age, which should be at aged 62. - Cultural norms seem to play an essential role in the activities especially in upcountry; people who live in extended family and support each other tend to show more willingness to take care of their family. On the other hand, Bangkok people, who have a larger choice of activities. The three first activities are Working People Retired people Take care of family 37 % Take care of family 51 % Gardening 33 % Gardening 28 % Travel 17 % Travel 25 % - 70% of Thais see their life in retirement as better than their parents’ and believe their children’s retirement will be better than theirs. North Eastern and high-income people have more positive attitudes, while Bangkok retirees tend to have more concerns for their children. Financial point of view - Among low income retirees, the standards of living have actually decreased for 40% - Again Thailand ranks first as far as improving their standards of living after retirement, both for working people and retirees. - Among workers, aged 25 — 34 are much more optimistic than aged 45 — 54 and those who have no children more than those who have. Thailand is in the fourth ranked where workers think their retirement income will be sufficient. - 41% Of Thai working people are moderately aware of their future retirement income. Bangkok workers are the most informed, followed by Northeast while North and Central regions have low share of those. - As the conclusion, Thai people expect an improvement or at least a stability in their quality of life. Retirement preparing - Thais have not much prepare for retirement. Thailand is at the last but one rank, before China. Nearly 4 workers out of 10 have already begun preparing for retirement, on average at aged 43. Those who have not yet started plan to do so around aged 50. - The main triggers for starting saving for retirement, marriage and having children reflect the importance of family in Thailand. Working people tend to be encouraged to start saving, more than their elder were when still working. - A high proportion of Thais secure their retirement income by having personal pension and by having a life insurance plan, percentage of workers is more than retirees. On average, Thai retirees saved 3,957 THB per month. The higher income, the higher the savings. Factors influence to working people & retirees - Thais are happy people, retirees as much as working people. The “very happy” retirees tend to be those who feel healthy, have started to prepare for retirement earlier than average and have a sufficient retirement income. Thailand is placed at the second rank of those who feel healthy, after Indonesia and at the same level as India. Thais more will make use of their savings rather than pass to their heirs. - The happiest retirees are those who feel healthy, have been provident early for their retirement and have a sufficient income to enjoy their retirement years. Similarly, with working people tend to be prepared for retirement, earlier than the others, and anticipate a sufficient retirement income. Saifon Sutchasila said at last “ AXA Group does the AXA Retirement Scope is a global reference study on retirement, measuring attitudes and expectations of retirement in Thailand and internationally. For Thailand, even Thais are late preparing but realize how important to prepare. Krungthai-AXA uses the result of this scope to develop suitable product with Thai target, Easy retire. Easy retire product will help client start planning for retirement. For more information you can contact to our agency or financial adviser in Krungthai Bank, every branch or call center 0-2689-4800.” Company Profile : Krungthai AXA Life Insurance Co., Ltd. is a joint venture between Krungthai Bank Plc. And the AXA Group, the world leading insurance and asset management group, which is ranked 2 years in a row (2004 & 2005) by Fortune Global 500 to be the top 1st in the world of Health and Life Insurance category. Krungthai AXA Life Insurance has a strong financial status and is specialized in providing financial protection with life insurance as well as savings systematically. Media contacts: Krungthai-AXA Life Insurance Co., Ltd Nathathai Navanugraha Manager, Brand & Communications Tel: 0-2723-4000 Ext. 3520 Fax: 0-2723-4033 Email: [email protected] Krungthai-AXA Life Insurance Co., Ltd Suleeporn Yongvithisatit Corporate Public Relation Tel: 0-2723-4000 Ext. 3521 Fax: 0-2723-4033 Email: [email protected]