Detail from the from the Song dynasty painting Illustrations of the Classic of Filial Piety. (Wikimedia Commons)
It?s long been a Confucian ethic entrenched in Chinese society that when elderly parents reach the point where they can?t take care of themselves, they will be cared for by their children. For China?s high-net-worth individuals (HNWIs), however, this is rapidly changing as demand rises for expensive elderly care homes.
According to a new report by Hurun on retirement planning for China?s elderly HNWIs, preference for senior living communities has grown by 87 percent in the past year. A total of 28 percent of HNWIs have listed ?medium- to high-end elderly care homes? as their personal post-retirement plan, marking a jump from 15 percent in 2015. Meanwhile, the percentage of those planning on ?home retirement? has declined from 77 percent in 2015 to 57 percent in 2016. In addition, the report finds that younger rich individuals in particular don?t seem to be planning on their own children taking care of them when they?re older, as the percentage of those under the age of 35 with interest in senior living communities when they?re older increased from 17 percent last year to 39 percent this year.
According to the Hurun survey, this dramatic change is happening for several reasons. The Confucian idea of filial piety which dictates that children must provide for their parents in old age is ?waning? as China?s rich pursue greater independence after retirement. They?re...