China's 'Age Bank'

At 88 years of age, Song Rong Xiu is very well taken care of. She lives with her daughter, her grandson and his family in Beijing. That's the way the elderly have traditionally been cared for in China.

But as CBS News correspondent Barry Petersen reports, modern times have created a lot of new economic opportunities for China's young people — many of them far from home, which means leaving the elderly behind. In Chongqing, they had an idea: to make a rather unique promise that would encourage people to help their elderly neighbors.

The idea is simplicity itself. Call if the "Age Bank."

People rack up hours caring for senior citizens. They note the hours in a log book — hours they can withdraw in their golden years as the next generation cares for them.

A community leader came up with the idea. "There were a lot of retirees in this neighborhood," he told CBS News. "They weren't that busy and the very elderly needed help."

That help can be anything from running errands to just stopping by for a daily chat.

Wang Ding Ru is 92 years old. She says the helpers "treat me like I'm their mother — cooking meals, buying groceries."

Mrs. Zhai, age 61, does this work with an eye on her future.

"I've been depositing time in the bank," she says, "so one day people will help me."

Like other countries, China has an aging population that is growing fast. However, China has no government safety net. There are few nursing homes. Families have always taken care of their own.

But to these elderly folks, the age bank has made volunteers feel like family.

It has kept Mrs. Wang so spry that she was able to teach Petersen the China two-step — and so happy because even without family, thanks to the age bank she has the next best thing: people who care.