80% Indian buyers not sure of their retirement planning: Survey
Scripbox introduced the outcomes of its annual Financial Freedom survey earlier right now. The survey is carried out forward of Independence Day and is now in its fourth version. It seeks to grasp the preparedness amongst Indians to be financially free with a particular give attention to retirement planning this 12 months. The majority of respondents are within the age bracket of 34-55 years. Scripbox polled 1400+ adults on this all-India survey.
This 12 months’s research has established the growing maturity in the direction of monetary planning basically. More than 75% of the respondents perceive the worth of getting a monetary plan in attaining their life objectives and have began constructing one. In truth, one in each two Indians has prioritised constructing a monetary plan to make sure a rise of their wealth, which was 28% in 2020 and 41% in 2021.
Maturity in the direction of monetary planning can be matched by motion. 40% of the respondents say they like to hunt the assistance of digital funding platforms, owing to the accuracy of expertise and the help in determination making. The need to not go away monetary planning to likelihood has additionally been growing- a post-pandemic phenomenon. 32% of the respondents goal to have a monetary plan to assist meet their long-term objectives.
There is greater consciousness about long-term investing and an elevated sense of attaining monetary freedom among the many respondents this 12 months . However, the research has highlighted the shortage of preparedness round retirement planning, although it has been cited because the second most essential precedence, after monetary planning. 80% should not assured about their plans post-retirement. The research reveals that 65% handle their funds on their very own, and solely 20% are contemplating getting skilled recommendation. The mixture of managing one’s personal funds, and the insecurity of their retirement planning additional highlights the significance {of professional} recommendation.
Our survey additionally establishes {that a} whopping 62% of respondents have begun actively saving for retirement solely after turning 30. Among monetary devices used for investing for the golden years, fairness mutual funds emerged as the #1 alternative amongst 75% of all respondents. This is adopted by Employee Provident Fund (EPF), utilized by 44% and Personal Provident Fund (PPF), voted for by 43%. Insurance is the final alternative as an funding possibility for retirement and was picked by solely 23%. This reveals that there’s a rising understanding of insurance coverage being extra a safety, and never an funding.
“It is heartening to see extra folks perceive the necessity to construct a monetary plan and give attention to long-term objectives reminiscent of retirement. ‘Stay invested and keep investing’ is one thing that Scripbox has been providing as counsel and believes in profoundly. ‘Financial Freedom’ may imply various things to completely different folks however is a long-term and vital objective which requires a trusted accomplice. Thus, it’s all the time higher to begin investing from an early age with steering, particularly for retirement, because it gives you the cushion to tackle extra threat to fulfil all of your goals,” stated Atul Shinghal, Founder and CEO of Scripbox.
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