Outlook Survey Reveals 36% or nearly 4 out of 10 of Individuals Above 40 Navigate Without Professional Financial Guidance

Jan 30, 2024 - 16:04
Outlook Survey Reveals 36% or nearly 4 out of 10 of Individuals Above 40 Navigate Without Professional Financial Guidance

Retirement Survey Exposes Gaps in Retirement Planning Strategies Above 40 

• 75% of youth surveyed have initiated retirement planning 
• 36% of those above 40 lacking a professional advisor 

January 29, 2023: In a groundbreaking initiative to decode the financial intricacies of retirement planning in India, a recent survey has surfaced with exclusive insights that promise to reshape the way individuals approach their golden years.

With a meticulous execution that included 1,735 interviews spanning over 20 cities, encompassing both metros and non-metros, the survey has unveiled noteworthy trends in retirement planning. Survey findings on the retirement planning behaviours of individuals around the age of 35, reveals that an impressive 75% have already initiated retirement planning.

The survey underscores that their priorities predominantly revolve around health expenses and children's education, with approximately 70% emphasising these crucial areas. 

A striking revelation from ‘The Outlook – Toluna Survey’ on Retirement indicates that 61% of respondents rely on family wealth, while 39% depend on their spouse or children for retirement financing, showcasing a significant reliance on familial support. Furthermore, the survey highlighted a disorganised approach, with 36% of individuals above 40 lacking a professional advisor for their retirement planning. 

Nidhi Sinha, Editor, Outlook Money commented on the findings, saying, "The retirement survey by Outlook Money and Toluna aims to find out India's preparedness for retirement. The insights into the data show that though people have started saving, retirement is not yet a focused goal for most. Indians still need to go a long way in becoming serious about their own wellbeing in old age." 

In terms of investment patterns, respondents said they allocate an average of 17% of their total income, dedicating 21% specifically to retirement. This allocation demonstrates a balanced split between growth and guaranteed instruments.

Noteworthy is the preference for equity mutual funds, with 76% of respondents choosing this option. In contrast, 68% opt for low-growth-guaranteed-return instruments like life insurance, and 64% favour fixed deposits. 

Surprisingly, government schemes such as small savings (13%) and the National Pension System (15%) attracted less interest among respondents above 40, according to the survey. A one-of-a-kind comprehensive survey, The Outlook – Toluna Survey on Retirement is an essential resource for individuals, financial planners, and policymakers seeking a deeper understanding of retirement planning trends in India. 

The ‘40After40’ expo by Outlook Money was held on January 23-24, 2024, at the prestigious Jio World Convention Centre in Mumbai, featured an impressive lineup of over 40 distinguished speakers, attracting over 4000 attendees and hosting 50+ exhibitors.

The event provided a unique opportunity for participants to engage in insightful panel discussions, interactive chats, enlightening masterclasses, and connect with seasoned planners and industry experts. 

Distinguished speakers at the "40After40" Retirement Planning Expo included influential figures from various domains, offering a rich tapestry of expertise and insights. Notable financial leaders gracing the event were Bharat Shah, Executive Director of ASK Group; Deepak Mohanty, Chairman of the Pension Fund Regulatory and Development Authority (PFRDA); and Madan Sabnavis, Chief Economist of Bank of Baroda.

The lineup also featured eminent public figures such as national award-winning actor Manoj Bajpayee, Former Captain of the Indian Women’s Cricket Team Mithali Raj, India’s leading storyteller Neelesh Misra, Columnist, Author, and Yoga Acharya Ira Trivedi, Indian Mythologist and Author Devdutt Pattanaik, and Senior Age Model and Actor Dinesh Mohan.

Over the course of two days, the expo boasted an impressive array of speakers, including M Jagannath, MD of LIC of India; Ananth Narayan Gopalkrishnan, Whole Time Member of SEBI; A Balasubramanian, MD & CEO of Aditya Birla Sun Life AMC; Vishal Kapoor, CEO of Bandhan MF; Nilesh Shah, MD of Kotak Mahindra Asset Management; Prashant Tripathy, MD & CEO of Max Life Insurance; Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Managers (India); Vibha Padalkar, MD & CEO of HDFC Life Insurance; Amit Jhingran, MD & CEO of SBI Life Insurance; Sashi Krishnan, CEO of National Pension System Trust; Vijay Chandok, MD & CEO of ICICI Securities; and Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance. These industry stalwarts collectively provided invaluable perspectives to guide attendees on their retirement planning journey. 

Over two days of engaging sessions, the expo successfully delivered invaluable insights and expert guidance. Attendees were empowered with the knowledge needed to make informed decisions, steering them towards a secure and prosperous retirement journey.

The event stands as a testament to the importance of proactive retirement planning, providing a roadmap for individuals to navigate this critical phase of life with confidence and foresight. 

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