Financial concerns are the biggest roadblocks on the path of retirement for many Indians. According to an HSBC report, The Future of Retirement: Healthy New Beginnings, 61% of the Indian respondents in the study who are working and are aged 45-plus, want to retire in the next five years. But 14% of them believe they will be unable to do so, and most of them (71%) cite financial difficulties as the reason. This reiterates the need for Indians to begin saving early and planning well for retirement.
Findings are based on a survey of 18,000 people across 17 countries of working age (25-plus) and in retirement. The research was conducted online in September and October 2015. In India, 1,011 people participated.
The study also found that of the 45-plus working population who would like to retire but are unable to due to financial constraints, 53% said this is due to not having saved enough, 42% said it was because they have dependants who rely on their income and 17% cannot retire as they have a lot of debt.
