The Financial Services Agency earlier this month released a report on the future financial security of senior citizens that suggested people would have to save more to make up for expected shortfalls in the public pension system, sparking public anxiety and major controversy over the government program's dependability.
The report presented an estimate that stated, in one scenario, as much as ¥20 million would be required to make up for such deficiencies for an "average" retired couple in their 60s or older.
But for many, particularly those of the younger generations, saving ¥20 million is seen as a daunting task. Meanwhile, data also suggests many elderly households have more than ¥20 million in savings.