[2023 Gold Age Forum] ① Exploring Asset Management Aligned with Demographic Changes

Seeking Retirement Solutions on 'Population Structure Changes and the Future of Asset Management'
Congratulatory Remarks by Representative Hong Seong-guk, Chairman Choi Hyun-man, and Others... Kim Kyung-rok Presents Four Key Words on Population Changes

South Korea is expected to enter a super-aged society around 2025, with the proportion of elderly population exceeding 20%. The pace of super-aging is rapid globally as well. In addition, uncertainties are high due to low growth and low interest rate trends, job reductions, and population decline. Systematic preparation for a stable old age is more urgent than ever. Accordingly, Asia Economy held the '2023 Gold Age Forum' on the 19th under the theme of 'Population Structure Changes and the Future of Asset Management,' providing various solutions for retirement preparation. More than 80 participants, including asset management officers from banks, securities firms, and insurance companies, attended the forum, making it a great success.

Hong Seong-guk, a member of the Democratic Party of Korea, is delivering a congratulatory speech at the '2023 Asia Economy Gold Age Forum' held at the Bankers Hall in Jung-gu, Seoul, on the 19th. Photo by Hyunmin Kim kimhyun81@

Woo Byung-hyun, CEO of Asia Economy, explained the reason for holding the forum in his opening remarks at the 2023 Gold Age Forum held at the International Conference Room of the Bankers' Hall in Jung-gu, Seoul, saying, "As of 2020, South Korea's elderly poverty rate is 40.4%, the highest among OECD member countries, and the quality of life in the latter half of life inevitably depends on whether one has money on hand or not." He added, "This forum will be an opportunity to explore concrete retirement plans such as how the asset market will change in an era where the population is decreasing and only the elderly are increasing, how to prepare retirement pensions and tax-saving measures, and how to establish mid- to long-term sustainable diversified investment strategies."

Hong Sung-kook, a member of the Democratic Party of Korea, said in his congratulatory speech, "Although aging and low-growth structures are becoming entrenched, no preparations have been made, so discussions and preparations must start now." He added, "The Gold Age Forum is an important forum that informs asset management opening the future, and it is expected to be a place that helps ensure a secure old age."

Choi Hyun-man, Chairman of Mirae Asset Securities, emphasized in his congratulatory speech, "It is important to match valuable money with good assets when preparing for old age." He stressed, "For this, we need to pay close attention to population structure and essential consumer goods."

Chairman Choi Hyun-man of Mirae Asset Securities is delivering a congratulatory speech at the '2023 Asia Economy Gold Age Forum' held on the 19th at the Bankers Hall in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

Suh Yoo-seok, Chairman of the Korea Financial Investment Association, said in a video congratulatory message, "With the approach of a super-aged society, the activation of private pensions has become a top national priority beyond an individual issue." He added, "The financial investment industry will strive to ensure that default options and target-date funds (TDFs) are well established in the pension market and will continue to seek support measures for the public's retirement preparation, such as reviewing asset allocation products like the 'Didim Fund.'"

Kim Kyung-rok, Advisor at Mirae Asset Global Investments, presented four keywords of population change in his keynote speech: ▲the era of active seniors (ages 50-70) ▲the combination of population and technology ▲low growth and high debt society ▲concentration in prime real estate and overvaluation risk. He predicted, "Accordingly, the asset market will show trends moving from assets to income, from deposits to investments, from domestic assets to global assets, and from direct investment in apartments and commercial buildings to indirect investment in prime real estate." He added, "To respond to these trends, attention should be paid to income products, portfolios of innovative and dividend investments, thorough global and currency diversification, REITs, and global REITs."