According to a survey, around one-fourth of the Indian population that is around 284 million people are without pension coverage and only 13% of the country''s paid employees are under formal pension arrangement whereas 58% of the respondents in India do not know what their retirement income will looks like. However, it is said that one of the factors contributing to this is the lack of understanding about their long-term finances over short-term.
Moreover, it is said that 1-in-8 people in India have either reduced or stopped saving into a pension whereas 18% say they would like to get financial advice to help them make sense of the choices facing them.
Additionally, it showed that the reason for saving is more towards saving for children accounting for 35% of savings than saving for retirement, which accounted for only 12% while it is also said that pension fund assets in India are very small and make up to only 5% of India''s GDP.
Moreover, it is said that 1-in-8 people in India have either reduced or stopped saving into a pension whereas 18% say they would like to get financial advice to help them make sense of the choices facing them.
Additionally, it showed that the reason for saving is more towards saving for children accounting for 35% of savings than saving for retirement, which accounted for only 12% while it is also said that pension fund assets in India are very small and make up to only 5% of India''s GDP.
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