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‘Indians most confident about savings for retirement’

Last Updated: Monday, August 6, 2012 - 20:26

Mumbai: Indians are the most confident when it comes to the current level of savings, with 39 percent believing that they are well prepared for retirement, a recent study by global management consulting, technology services and outsourcing firm Accenture.

Indians, followed by Chinese and Americans, are the most confident about savings with 39 percent, 28 percent and 21 percent respectively believing that they are saving enough for their retirement; compared to the global average of 16 percent, found the `Accenture Global Retirement Survey 2012'.

Russians (4 percent), Japanese (5 percent) and South Koreans (8 percent) are the least confident about preparations for a retired life, it says.

Accenture had commissioned a survey of 8,112 individuals between 25 and 60 years old in 15 countries.

About 39 percent of Indians have already privately invested in a retirement product, compared to 12 percent in Russia, 19 percent in Australia, 20 percent in Brazil and 29 percent in Spain.

However, compared to the global average of 82 percent, Indians were slightly higher at 84 percent in being worried about financial situation after retirement, it says.

Britons, Germans, Australians and Americans are the more optimistic with 65 percent, 66 percent, 69 percent and 70 percent of respondents, respectively, saying they are worried about their financial situation after retirement.

South Koreans (95 percent), Mexicans (92 percent), Russians (92 percent) and Spanish (91 percent) are the most pessimistic.

Indians 64 (percent) and Chinese (86 percent) also appear to have a good understanding of and access to information on the different retirement planning options, as they believe they have the necessary information, against the global average of 47 percent.

About 68 percent Indians followed by Chinese at 61 percent are also confident about knowing how much they need to save every month to guarantee their standard of living at retirement, compared to the global average of 33 percent.

Almost all Indians (99 percent), Mexicans (98 percent) and South Koreans (96 percent) say it is important for them to start saving now, while 79 percent of Germans, 81 percent of Britons and 83 percent of French say so.

People in the developing economies are much more conscious of the brand of the financial institution that manages retirement products, with an overwhelming majority of respondents in China (99 percent), Brazil (97 percent), India (96 percent), South Korea (94 percent), Poland (93 percent), Mexico (91 percent) and Russia (90 percent) saying brand is important in product selection criteria.

Less than half (49 percent) of Germans, and only 58 percent of Britons say that brand matters much.


First Published: Monday, August 6, 2012 - 20:26
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