When it comes to planning for retirement, Indians, it seems, are least worried. A global study by Bharti AXA Life Insurance shows that monthly savings by Indians for retirement are quite low compared to other countries.
While those who have already retired save Rs 1,672 per month, the figure rises marginally to Rs 2,057 per month for those still working.
According to the report, Indians start planning for retirement rather late and, yet, believe that their living standards will improve, or at least, remain the same after retirement.
About 56 per cent of employed people said they had not started preparing for retirement. The average age when they do is 52. Says Nitin Chopra, CEO, Bharti AXA Life Insurance: “Indians don’t like to take risks with their retirement planning (despite the late start). Therefore, life insurance and bank deposits are the most popular options.”
The study, AXA Retirement Scope 2008: New Dynamics, was conducted in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune.
— Manu Kaushik