41% Indians consider buying jewellery a form of saving: Survey

India Infoline News Service | Mumbai |

In China, the most popular savings methods are bank deposits, mutual funds, pension plans, insurance products and equity investments.

Indian and Chinese employees and workers are at risk of not saving sufficient for a comfortable retirement as they often invest their money in short-term instruments that may not serve as a long-term hedge to inflation, according to a survey by Towers Watson.

Employees in both countries are facing challenges accompanying increased life expectancies and post-retirement days, and they are at risk of not saving enough for a comfortable retirement, Towers Watson's Savings Attitudes Survey (India and China) added.

Almost 90 per cent of workers in China and 80 per cent in India expect to retire at the age of 60 or less, with only moderate reductions in their spending power thereafter.
The most popular means of investment in India is purchasing gold or silver, with 41 per cent people considering buying jewellery a form of saving. In China, the most popular savings methods are bank deposits, mutual funds, pension plans, insurance products and equity investments.

"Secure retirement benefits, whether mandatory or voluntary, are critical for an employee's future. With benefit costs ever increasing, employers need to facilitate retirement savings and raise awareness among employees by going beyond mere provision," Towers Watson India Benefits Director Anuradha Sriram said.



 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.