Have you thought about how your financial position will be, when you retire? If your answer is “No”, you are a minority as 76% percent of all Indians have proper financial plans in place, one of the highest in the world.
According to the recent survey released by HSBC – The Future of Retirement: The power of planning – Indians are one of the better prepared citizens in the world when it comes to retirement planning.
Retirement Planning Key Findings – India
Retirement Perception
?33% of Indian respondents see retirement as a whole new chapter of life as well as a time for rest and relaxation. Only 22% associate it with financial hardships.
Better or Worse than their parents
Over 69% Indians, highest in the world, believe they will be better off than their parents’ generation in retirement, conversely, 56% of French and 37% of Americans feel that they will be worse-off than their parents.
??Retirement Concerns
Only 13% of Indians are very worried about their retirement, whereas 37% of Indians are not worried at all about their their retirement financial situation. While 8% of Indians have not even though about retirement, and 3% don’t intend to retire at all!
Retirement funds source
14% of Indians think that their personal pensions will provide their largest source of retirement income, while 13% will rely on other forms of saving and investments. ??One in ten people in India expect to continue working in later life to provide an income for themselves.
?76% of respondents have financial plans in place – far more than the worldwide average of 50% – while 57% of Indians have also sought professional financial advice.
??The internet is increasingly becoming a prominent source of financial information and advice for people in India, with 50% of respondents using official financial websites to guide their decision making ??Independent financial advisers (33%) and banks (21%) are the most common sources of professional financial advice in India.
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