Increasingly more and more Indians have started to invest in financial instruments for a variety of financial goals. Among these goals, retirement has gradually taken a key spot. Not only investors have realised the importance of investing for retirement, they also admit the alacrity with which they are supposed to do.
Around 38 percent Indians feel that the right age for retirement planning is below 35. At the same time, 49 percent feel that retirement is the first thing that one should plan when one starts working. These findings are part of the India Retirement Index Study (IRIS) released by Max Life Insurance in partnership with Kantar.
These results are based on a nationwide survey of 2,093 persons across 28 cities including six metros, 12 tier-1 cities and 10 tier- 2 cities. The subjects fall in the age group of 25-35 and date was collected during July-Aug 2023.
This retirement survey shows that India retirement index score rose up from 44 percent last year to 47 percent this time.
Financial preparedness
The survey also shows that most investors consider life insurance to be among the top in the list of priority when it comes to saving for retirement as compared to other financial products.
Seventy five percent of surveyed investors own life insurance, while 56 percent own bank FDs, 44 percent investors prefer health insurance, 24 percent prefer mutual funds whereas 16 percent give a thumbs up to the National Pension System.
Those who invest their earnings do so for a variety of purposes. 55 percent of investors do so to ensure the safety of their family, 14 percent do so to get good returns in the short run while only 12 percent do so for retirement, shows the retirement India Index study.
Despite this, there are 40 percent of people surveyed who have yet not started investing for retirement.
And it has come to notice that most people regret not saving earlier for retirement. For Indians in the 50+ age group, 90 percent regret not saving for retirement against 86 percent last year.
Focus on health
The survey also shows that Indian investors are showing increasing inclination towards their health. Nearly 80 percent Indians foresee a healthy retirement life and assume that they will be healthy in retirement.
A large number of people are demonstrating their desire to remain healthy. Last year, 39 percent of surveyors went for health check-ups 2-3 times a year. This number rose to 42 percent this year.
