Even as more women are becoming aware of their retirement needs, only 30% are of the view that their retirement corpus will sustain more than 10 years. According to a new report shared by Axis Max Life as part of its sixth edition of its annual Bharosa Talks India Retirement Index Study (IRIS 6.0), women scored 49, the same as men, showing similar levels of financial, emotional and health preparedness for retirement.
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In the survey, as many as 62% women said that they were aware of the corpus that they needed for their retirement. More than 50% of women also said that they have adequate health insurance and 41% are physically active. However, only 30% were confident that their retirement corpus could last more than 10 years. The figures show a gap in financial planning.
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Even as more people become aware about a strong financial corpus and early retirement options, still planning the strategy around it can be challenging. This was also reflected in the survey, which noted that 7 out of 10 urban Indians would like to retire before the traditional retirement age. However, respondents revealed that they have accumulated only 28% of their target retirement corpus on average.
The report also revealed that more people are of the view that retirement conversation needs to start early. While 50% of urban respondents said that its planning should start with the first paycheque, age-wise, Gen Z respondents noted that savings should start by 29, compared with 31 years among Millennials and 34 years among Gen X+.
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The trend indicated that younger generations are also more proactively saving for their retirement. Among Millennials and GenX+, 70% and 75% had started saving for their retirement, while 62% of Gen Z had also joined the trend.
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