59% Indians make sure they are saving for retirement: Survey
ET Bureau|
Jan 29, 2018, 06.30 AM IST
Indians are the best placed in superannuation preparedness among respondents from 15 countries, finds the Aegon Retirement Readiness Survey 2017.
7.56 is India's score, putting it on top of the Aegon Retirement Readiness Index.
I. How aware are Indians about the need to plan finances for retirement
49% are very aware
35% are reasonably aware
2% have low awareness
II. What is their approach to retirement saving
59% always make sure they are saving for retirement
25% save from time to time
7% are not saving at present, though they have in the past
7% are not saving, though they intend to
2% have never saved for retirement and don't intend to
III. What are their important retirement aspirations
54% want to travel
58% want to spend more time with family and friends
45% want to pursue new hobbies
31% want to start a new business
24% want to carry on working in the same field
20% want to start working in another field
IV. How confident are they about retiring comfortably
57% are very confident
10% are not
V. Are they saving enough
38% are saving adequately
33% say they are saving enough
3% are not saving at all
VI. What are the positives aspects of retirement
41% link it with freedom
40% associate it with enjoyment
37% equate it with leisure
VII. Do they have a back-up plan should they stop working early
68% do have a plan
28% don't have a plan
4% don't know
VIII. How concerned are they about health in old age
59% are very concerned
24% are somewhat concerned
13% assume it will be ok
4% have not really given it any thought
IX. Are they on course to achieving their retirement needs
42% will achieve target retirement income
11% hope to achieve three quarters of the target
14% will achieve around half
15% will gather around quarter of the requirements
18% may not meet income target
X. The negative associations are
16% associate retirement with loneliness
15% with ill health
11% with insecurity
XI. How much of the retirement income do they expect from the following sources
27% Government
30% Employer
43% Own savings and investments
Source: Aegon Retirement Readiness Survey 2017. The study covered a sample of 900 workers and 100 retired persons in india.
7.56 is India's score, putting it on top of the Aegon Retirement Readiness Index.
I. How aware are Indians about the need to plan finances for retirement
49% are very aware
35% are reasonably aware
2% have low awareness
II. What is their approach to retirement saving
59% always make sure they are saving for retirement
25% save from time to time
7% are not saving at present, though they have in the past
7% are not saving, though they intend to
2% have never saved for retirement and don't intend to
III. What are their important retirement aspirations
54% want to travel
58% want to spend more time with family and friends
45% want to pursue new hobbies
31% want to start a new business
24% want to carry on working in the same field
20% want to start working in another field
IV. How confident are they about retiring comfortably
57% are very confident
10% are not
V. Are they saving enough
38% are saving adequately
33% say they are saving enough
3% are not saving at all
VI. What are the positives aspects of retirement
41% link it with freedom
40% associate it with enjoyment
37% equate it with leisure
VII. Do they have a back-up plan should they stop working early
68% do have a plan
28% don't have a plan
4% don't know
VIII. How concerned are they about health in old age
59% are very concerned
24% are somewhat concerned
13% assume it will be ok
4% have not really given it any thought
IX. Are they on course to achieving their retirement needs
42% will achieve target retirement income
11% hope to achieve three quarters of the target
14% will achieve around half
15% will gather around quarter of the requirements
18% may not meet income target
X. The negative associations are
16% associate retirement with loneliness
15% with ill health
11% with insecurity
XI. How much of the retirement income do they expect from the following sources
27% Government
30% Employer
43% Own savings and investments
Source: Aegon Retirement Readiness Survey 2017. The study covered a sample of 900 workers and 100 retired persons in india.
