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'The present generation fears retirement life'

The research found that almost 54 per cent were worried about their future financial state.

BT Online   New Delhi     Last Updated: August 9, 2016  | 16:37 IST
The present generation fears retirement life
[Photo: Reuters]

The new generation of Indian employees fear their retirement life will be much worse than their parents', a new study has found.

The research found that almost 54 per cent were worried about their future financial state.

Global advisory, broking and solutions company Willis Towers Watson conducted the survey on over 2,000 employees.

Forty-six  per cent of the respondents expressed concern and more than 1-in-3 stated that their financial problems are negatively impacting their lives.

"The growing insecurities of employees around long-term financial stability demands immediate attention of employers," Kulin Patel, Director, Willis Towers Watson India, said.

The survey results also suggest that 1-in-4 employees, when asked about their top priorities, prefer superior retirement or health benefits to pay and bonus, and more than 2-in-5 would prefer some alternatives to pay and bonus.

According to the survey, the biggest growth in promoting financial well-being in India will be in the use of customised and targeted messages sent as advisory by the employer on how much one should save as per his salary bracket. While 50 per cent of the employers are intending to do it over the next three years, 13 per cent are currently doing it.

Employers should aim to help employees address different issues from short-to-medium-term savings to the traditional long-term retirement savings, it added.

"There is a need to boost engagement and productivity by reconfiguring the benefit package offered by employers.

Different employee segments may require a different mix of benefits that depend on their financial priorities at their given stage in life," Patel added.

(With inputs from PTI)

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