Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: 3.3
Article rating: 5.0
RSS

News

‘Only 33% Indians save regularly for retirement’

Author: PTI/Wednesday, September 12, 2018/Categories: Financial Planning

‘Only 33% Indians save regularly for retirement’

Mumbai - Only a third in India are regularly saving for their retirement, while a similar 33 per cent of working-age respondents globally are putting anything aside for their later life, according to a report.

The lack of saving is likely to be linked to low knowledge of how much money is needed in retirement, as well as many prioritising their immediate financial situation over planning for their older years, according to HSBC’s the ‘Future of Retirement: Bridging the Gap’ report.

“For many, retirement is thankfully no longer a short period tacked on to the end of our life. It can be a long and very fulfilling part of a person’s life.

“But with that, our needs at 65 can be very different from our needs at 75 or 85, with very different financial implications,” HSBC India head of retail banking and wealth management Ramakrishnan S said.

The research for this report was carried out online by Ipsos on behalf of HSBC among 16,000 adults in 16 markets, including Australia, Argentina, Canada, China, Malaysia, Mexico, Singapore, Taiwan, France, Hong Kong, India, Indonesia, Turkey, UAE, UK and USA.

It revealed that only 19 per cent of working age people are saving for future nursing or care home fees. This is despite half (51 per cent) respondents claiming to be concerned about affording residential care when in retirement, it added.

Meanwhile, the report found that over half of working-age people (56 per cent) are living on a day-to-day basis financially, while a further 53 per cent only save for short-term goals.

Almost half (45 per cent) also admit they prefer spending on enjoying today rather than saving for tomorrow, it added.

The lack of saving may also be linked to many people not considering their older years as ‘retirement’ at all, with over two-thirds of working-age people (69 per cent) expecting to continue working to some extent and more than half (54 per cent) hoping to start a business or new venture, it said.

Print Rate this article:
No rating

Number of views (71)/Comments (0)

rajyashree guha

PTI

Other posts by PTI
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free