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The Changing Scene of Retirement in India

Apr 05, 2019 | 1 year ago | Read Time: 2 minutes | By iKnowledge Team

The elderly in India traditionally may have relied on the support from their children as their retirement plan, however, this may be a financial burden that today’s millennial workers may not be able to finance alongside their own family lives.

The traditional multi-generational family household structures are no longer guaranteed as the newer generation is moving across the country to chase careers. The potential need for greater family support in later life may not be as easily met as once could have been expected.

Aegon’s Retirement Readiness Survey of 2018 reveals some revealing facts that will make us change our outlook towards retirement – 

Key Findings

  1. Almost half (47 %) of people in India think that future generations of retirees will be better off in retirement than current retirees, which considerably exceeds the global average (18 %). India’s continued growing prosperity and establishment of pension systems is making the country’s future outlook brighter
  2. Unlike earlier generations, 46 % of Indian retirement income is expected to come from their own savings and investments (compared to 30 % globally). People in India expect 30 % to come from their employer (vs. 24 % globally) and expect 24 % to come from the government (vs. 46 % globally). This chart gives more insights – 

    Aegon Retirement Survey Chart

  3. Over half (55%) of workers in India are saving habitually for retirement (compared to 39% globally). A quarter (26%) are saving on an occasional basis, 9% are not saving now but have done in the past, 9% are not currently saving but do intend to in the future, and 1% have never saved for retirement and never intend to
  4. Almost 73% of India’s workers find the idea of auto-enrollment appealing. This is significantly higher than the global average 57 %, perhaps reflective of the current lack of comprehensive and mandatory pension schemes in the private industry
  5. Almost half (49%) of people in India are confident that their own healthcare in retirement will be affordable (compared to 21% globally)

There are many more such insights in Aegon’s Retirement Readiness Survey 2018. You can download the entire survey from here – 

Download Aegon’s Retirement Readiness Survey 2018 

Aegon Retirement Readiness Report 2018

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