Even
as financial security after retirement is valued more, a report revealed that
47 per cent of working people in India have not started saving for their future
or have stopped or faced difficulties while saving.
"A
large number (47 per cent) 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 per cent),"
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 per cent 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 per cent) of the working
population surveyed have not even started saving for retirement, while 22 per
cent of people aged 60 and over and 14 per cent 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.
Interestingly,
friends and family were the most common sources of retirement advice or information,
the report said.
While
almost 80 per cent of pre-retirees sought advice from friends and family, 82
per cent of retirees have received advice from them.
On
the flip side, it said only 40 per cent of pre-retirees and 53 per cent of
retirees have received retirement advice and information from professionals,
including financial advisors, government agencies, insurance brokers, bank
advisors, among others.
Ref.
: Economic Times
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