47% Indians do not save for retirement

PensionPlanAccording to a report by HSBC, 47 percent of working people in India have not started saving for their future, or have stopped or faced difficulties saving.

The survey that was conducted online represents the views of over 18,000 people in 17 countries including Argentina, Australia, Brazil, Canada, China, Egypt, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, the UAE, UK and USA.

The report also found that more than 21 percent of the working population surveyed have not even started saving for retirement and 22 percent of people aged 60 and over have not begun to save for retirement.

The report said friends and family were the most common sources of retirement advice or information.

On the flip side the survey said only 40 percent of pre-retirees and 53 percent of retirees have received retirement advice and information from professionals.