In the 2024 study, we focus on the role of family, the need for old age care, the rising importance of the women consumer groups, the importance of home insurance and consumers' experience with insurance claims. The study covered over 7,000 middle-class consumers from China, India, Indonesia, Malaysia, the Philipppines and Vietnam.
Middle-class Asian consumers expect their own savings, insurance, and family support to be their main sources of finance. On the other hand, there is generally a low reliance on government’s support.
Malaysians reported that they are most likely to rely on their own savings. In contrast, Indonesians and Chinese have a higher expectation of support from insurance. Meanwhile, those in India, the Philippines, and Vietnam show a relatively greater dependence on family support.
Health check-ups, living close to family members and advice on how to retain a healthy lifestyle are the top type of services middle-class Asians would need the most for aging parents. These services are consistently valued across different countries, reflecting common concerns and priorities among middle-class families in Emerging Asia.
Most would rather stay at home and be looked after by family members, especially their partners. China shows a slightly distinct pattern, with stronger preference for staying in public old-age care facilities compared to other markets.