78% Indians feel they need to save more for retirement: study
Among Indian employees, 56% indicated they would rather save more, while the global average was 32%
Mumbai: A large majority of Indian employees over 50 feel they need to save more for retirement, reveals the Global Benefits Attitudes survey by Towers Watson, a human resources consultancy.
Indians rank second only to the Chinese when it comes to the savings rate, yet 78% lack the confidence of affording a long spell of retirement, says the study.
The survey conducted across 12 countries found that Indian employees would rather save more than extend their retirement age beyond 60 years. Among Indian employees, 56% indicated they would rather save more, while the global average was 32%.
Globally, employees prefer working longer to have a comfortable flow of post-retirement income. 42% said they would work for more years compared to 29% Indians.
“In the face of a high inflationary environment and the advent of nuclear families, retirement adequacy is fast emerging as a national challenge with serious economic and social ramifications," said Anuradha Sriram, benefits director, Towers Watson India.
Inflation in India, measured by the consumer price index rose to 7.96% in July from 7.46% in June.
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