Retirement planning not a priority for Indians: report
More than one-fifth (21%) of respondents in the working age group have not even started saving for retirement, while 22% of those aged 60 and over and 14% of those in their 50s have not begun to save for retirement
A large number (47%) of working age people—25 years plus—in India have either not started saving for their retirement or have stopped or faced difficulties while saving for their future, according to an HSBC report, The Future of Retirement. An alarming 44% of working age people in India who had started saving for their retirement have stopped or faced difficulties. Further, the report also found that more than one-fifth (21%) of respondents in this age group have not even started saving for retirement, while 22% of those aged 60 and over and 14% of those in their 50s have not begun to save for retirement. The report is based on a survey of 18,207 people in 17 countries—Argentina, Australia, Brazil, Canada, China, Egypt, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, United Arab Emirates, the UK, and the US. It also found that one in 10 (10%) of working age people have never received professional advice or information about retirement. While they may seek advice at a later stage, it could end up being too late.
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