Reliance Mutual fund recently did a survey about the Retirement habits of Indians….and here is what I read from that (this is based on a Morningstar summary, I have not read the original survey report).
People are worried about retirement and RETIREMENT PLANNING IS a top financial goal (46%). Nice, nice if you are a retirement planner this sounds good – so all those of you who are in this category rejoice (for now at least).
However being aware does not mean they are prepared. About 78% of the people know that they are not well prepared for retirement (rejoice so much business to do!!)
pathetic part of the population covered by pension plans (forget the %age it is at best a rounding off error).
the HUMOR PART IS the choice of products that they have made for retirement:
LiC policies, bank fixed deposits, gold, ppf – make up 91% of the assets.
9% of the people have said Mutual funds – ASSUMING THIS MEANS equity mutual funds..or let us say half is in mutual funds (equities)…
My reading is about 5% of India’s population (organised sector) is somewhat prepared for retirement.
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