TAIPEI (Taiwan News) — CTBC Bank has outlined the effects of Taiwan becoming a super-aged society in November, in a report released Wednesday.

The report, published by CTBC Bank and PwC Taiwan, surveyed more than 1,000 people. It conducted interviews with households headed by adults aged 35 and older. 

It found that most households are unprepared for the long-term financial needs and caregiving duties that often fall on a single family member. Furthermore, demand for elderly care is outpacing support systems.

Financial Supervisory Commission Chair Peng Jin-lung (彭金隆) said in June that a super-aged society means 20% of the population is over 65.  

The Ministry of Health and Welfare said Taiwan’s life expectancy is 80.2 years, while a healthy life expectancy is 72.4 years. That gap leaves many people spending about eight years in poor health, with high medical bills and greater reliance on caregivers, according to CNA.

The bank urged households to save for medical expenses, consider trusts or professional financial services, and build passive income streams to prepare for retirement.