47% of Indians not saving for retirement: Survey
MUMBAI: Even as financial security after retirement is valued more, a report revealed that 47% of working people in India have not started saving for their future or have stopped or faced difficulties while saving.
“A large number (47%) of working people in India have either not started saving for their retirement or have stopped or faced difficulties while saving for their future. This is higher than the global average (46%),” according to the report by HSBC.
The survey, which was conducted online by Ipsos MORI in September and October 2015, is 13th in the series and represents the views of 18,207 people in 17 countries and territories worldwide, including Argentina, Australia, Brazil, Canada, China, Egypt, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, United Arab Emirates, United Kingdom and United States.
According to the report, an alarming 44% of working 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 the working population surveyed have not even started saving for retirement, while 22% of people aged 60 and over and 14% in their 50s have not begun to save for retirement.
One in 10 of working people have never received professional advice or information about retirement, it revealed.
We can save if something is left after so much inflation
This question, better ask from your elected leader
retirement planning should start at the early stage, say 40 years of age. this is a must t save yourself from financial bungling and to have good life after 60.
How to save? Has government left something from where we can save? We are forced to borrow every time if any sudden needs comes in. Such a hefty tax is being imposed on us to ensure that middle class family should always beg rather than savings.
And India does not have healthy social security for such people. Wake up ..
it is very necessary to save for retirement