McKinsey survey finds awareness-action gap in retirement planning in APAC

Only 24% of respondents have documented their retirement plans.

Consumers across Asia–Pacific (APAC) are worried about retirement but are not taking enough action to prepare for it, with a 75 percentage-point gap between retirement concern and preparation, according to a McKinsey & Co. report.

Nearly every respondent in McKinsey’s Asia Retirement Customer Survey 2026 reported fears about retirement, but only 24% have a written retirement plan. More than two-thirds, or 68%, expect to have less income than they will need during retirement.

The findings point to a gap between consumers’ awareness of retirement risks and their ability to address them with existing financial products.

Consumers also identified shortcomings in the products they hold. Some 84% identified issues including a lack of inflation-protected returns, flexibility, and embedded care cover.

“The problem is not demand, but a failure to convert,” McKinsey said.

The survey covered eight APAC markets and found that consumers are not disengaged from financial products. 

The typical respondent holds life insurance, participates in a pension or provident fund, and allocates about half of their income to living expenses.

McKinsey described the respondents as the broad middle class: employed and insured, but unable to find products that match their retirement needs.

The findings suggest insurance companies could close the gap by changing how they design, price, and distribute retirement solutions.