The majority (82%) of Japanese workers believe that it is an individual’s responsibility to save for their retirement, not their employer’s. This compares with a global average of 63.7%, according to the Randstad Workmonitor Wave for Q1 2015.

This proportion increases for workers over the age of 55, 91.1% of whom believe that their pension savings are their responsibility. 

Japanese workers were the third most likely to agree that saving for their retirement was their responsibility; with workers in Singapore and India placing first and second, respectively, with 85.1% and 84.1%. The countries with the lowest percentage of respondents taking personal responsibility for their retirement were Hungary (33.8%) and Luxembourg (40.7%).

Four-in-10 workers (42.2%) in Japan agreed that 20% of more of their income will be put into savings for pension plans. The percentage of respondents agreeing with this statement was the fourth highest among the 34 countries surveyed; after Singapore (54%), India (49.2%), and Malaysia (44.4%).

Globally, an average of 24.5% of respondents said they would save at least 20% of their income for retirement. By region, the percentages of respondents agreeing with this statement were:

• Asia – 43.7%
• North America – 36.7%
• South America – 29.1%
• Oceania – 27%
• Europe – 16.1%

 Masao Karasawa, Head of Human Resources at Randstad Japan, commented: “The Ministry of Health, Labour and Welfare predicts that when the baby boomer generation reaches the age of 75 in 2025, those over 65 in receipt of the national pension will account for over 30% of the entire Japanese population.”

“This figure will increase to 40% by 2060. Japan is facing a serious problem; aging society. The cost of welfare benefits; such as pension payments and medical expenses, will place an enormous financial burden on the government. In addition, a decrease in the working population due to the decline of the birth rate means securing funds to pay these benefits will be extremely difficult. It will be inevitable for the government to raise the age of eligibility for receiving pension payments and reduce the pension allowance,” he added.