Future of Retirement: The Power of Planning

• The 2011 report, The power of planning, is the sixth in the series and the most action oriented report to date, based on interviews with more than 17,000 people in 17 countries.
• Globally, one in five people do not know what their main source of income will be in retirement, 41% felt that they were under-prepared for retirement to some extent, while 64% admitted to being concerned that they would not be able to cope financially in retirement.
• 51% respondents in India are worried about being able to cope financially in old age and one in ten people expect to continue working in later life to provide income for themselves.
• Individuals must wake up to the fact that they need to take responsibility for their own retirement as the old providers, particularly the state and the employer will no longer suffice - those actively engaged in understanding the issues around retirement and preparing for it properly face retirement with greater wealth and confidence for the future.

Future of Retirement: Why Family Matters

• 'Why Family Matters' , is a part of 'The Future of Retirement' series released earlier this year.
• Presence of children makes a difference to people's sense of well-being and impacts positively on people's outlook for the future; However in India, even though 79% of those with children expect to be better off in retirement than their parents' generation, 24% are less inclined to see retirement as a time of happiness but rather more a time of financial hardship.
• Even in this age, where women have entered the world of paid employment, worldwide, men (65%) still take the lead with sole responsibility when it comes to planning for their family's long-term financial needs, leaving women (53%) at greater risk of financial hardship in later life; Bucking the global trend, slightly more men (30%) than women (27%) in India take sole charge of household budgeting in contrast to the picture globally, again leaving women less involved in financial matters.
• Nearly half the world's families are putting themselves at risk by failing to take responsible steps to safeguard their future and a gender gap is again evident with 54% of men having a financial plan compared to just 44% of women; Out of 76% of Indian respondents surveyed who have a financial plan, 35% of planners in their fifties are not saving for retirement and 32% of parents don't have a life insurance policy in their financial plans.