Indians underprepared for retired life: Survey

Though Indians still believe in saving for a rainy day, due to a booming economy they increased their spending vis-a-vis savings over the past four years, according to a survey conducted covering 80,000 people in 24 countries over four years.

The survey, conducted by Aviva and Henley Centre Headlight Vision, revealed that 57 per cent of pre-retired Indians think they will work well beyond their retirement, a rise from 40 per cent in 2004.

And over 45 per cent are still ignorant of their source to seek financial advice and a little over a half admitted to being in the dark over pensions and saving policies with a sizable number turning to the internet for help.

However, Indians still save regularly -- 42 per cent compared to global average of 35 per cent -- with family and healthcare being their main motivators. They are also more prepared to take financial risks 24 per cent compared to 18 percent globally.

"It is heartening to find that Indians continue to save keeping the future in mind. While savings is important, retirement is a serious issue," Aviva managing director and CEO Bert Paterson said.