A majority of Indians (63%) depend on their financial advisors to plan for their retirement, reveals a DBS-Manulife survey titled ‘Planning for a successful retirement’.
The online survey was conducted among 1,004 respondents - 538 men and 466 women; 642 respondents were in the age group of 40-49 years and 362 in the age group of 50-60 years. The survey was carried out in Delhi, Mumbai, Bengaluru, Chennai, Hyderabad and Kolkata. Those with personal income of over Rs. 1 lakh or AUM of Rs. 30 lakh were considered affluent; 322 respondents were from this category and 682 were from the mass or emerging affluent category.
Of the respondents who actively planned and sought advice for retirement, 66% received it through informal sources like spouse/family members or friends and colleagues. On the other hand, 89% want formal advice on retirement planning out of which 63% respondents depend on financial advisors.
The survey shows that on an average 70% of respondents want advice on retirement planning either formally or through informal sources. “Among those who seek advice on retirement planning, most have used formal channels with financial advisors as the most popular choice,” reveals the survey.
Preferred financial products for retirement
While bank savings (60%), FDs (57%), and pension funds (42%) remain the most preferred instruments to save for retirement, mutual funds (33%) are also emerging as a popular way to save for retirement.
Products used to save for retirement
