Only a third in India are regularly saving for their retirement while just 33% of working-age respondents globally are putting anything aside for their later life, according to a report.
The lack of saving is likely linked to low knowledge of how much money is needed in retirement, as well as many prioritising their immediate financial situation over planning for their older years, according to HSBC’s the ‘Future of Retirement: Bridging the Gap’ report.
“For many, retirement is thankfully no longer a short period tacked on to the end of our life. It can be a long and very fulfilling part of a person’s life. “But with that, our needs at 65 can be very different from our needs at 75 or 85, with very different financial implications,” HSBC India head of retail banking and wealth management Ramakrishnan S said.
