Indians see themselves retiring in their early 60s, while the Chinese feel the 50s is the time to hang up one’s boots.
Say retirement corpus should be 100 times monthly income
KOLKATA: Indians see themselves retiring in their early 60s, while the Chinese feel the 50s is the time to hang up one’s boots.
In India, only 36% view retirement time as a time for leisure, while in China, this figure is as high as 55%.
These findings are brought out by an Asia-wide Study of Lifestyles Attitudes and Relationships (Solar), commissioned by Sun Life Financial.
The study revealed that attitudes towards retirement vary widely across Asia.
Indians, for example, view long term as a period more than 10 years, while Chinese define it as anywhere between 5-10 years.
Solar was commissioned to learn more about consumers in China, India, Philippines, Indonesia and Hong Kong.
It looked at people’s outlook on life, financial planning, expectations from financial service providers and thoughts on retirement, among other things.
The study found that Indians want their corpus for requirement to be 100 times the monthly household income at the time of retirement.
The Chinese feel the corpus should be 165 times the monthly household income.
Estimates elsewhere in Asia are even higher.
India also has low provision for health coverage after retirement, the study found, unlike Hong Kong and China, where such coverage is high.
Birla Sun Life Insurance plans to use these findings to develop a strategy for needs-based retirement products.
Venkatesh Mysore, country head, India, Sun Life Financial, said, “At our joint venture Birla Sun Life Insurance, we have plans to enter the segment with retirement products… The size of this segment in the last fiscal year was Rs 11,600 crore and the growth rate was 150%.”
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