HSBC: 47% of Indians Having Difficulties and Not Saving for Retirement

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MUMBAI: Even financial stability after retirement are valued more, the report showed that 47 percent of workers in India have not yet started to save on their future, or no longer, or are facing difficulties in maintaining. This is higher than the world average (46 per cent),” according to the HSBC report.

Retirement

The study, which was conducted online by Ipsos MORI in September and October 2015, is the 13th in the series and is a view of the 18,207 people in 17 countries and territories around the world, including Argentina, Australia, Brazil, Canada, China , Egypt, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, UAE, UK and USA.

According to the report, an alarming 44 per cent of workers in India who started saving for retirement have stopped or facing difficulties.

In addition, the report also found that more than a one-fifth (21 per cent) of the population of working respondents have not even started saving for retirement, and 22 percent of people aged 60 years and older, and 14 percent in their 50s have not yet begun to save for retirement.

One of 10 working people have never received professional advice and information on retirement.

Interestingly, friends and family are the most common sources of pension advice or information, the report said.

While almost 80 percent of pre-retirees seek advice from friends and family, 82 per cent of pensioners received advice from them.

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