India’s working population relies heavily on cash deposits and second domestic property to generate post-retirement income, an HSBC report...
India’s working population relies heavily on cash deposits and second domestic property to generate post-retirement income, an HSBC report said on Monday. The report, The future of retirement a balancing act, shows that pre-retirees have the most confidence in cash deposits (88% of respondents) and second domestic property (85%) followed by insurance policies (81%) and personal pension schemes (80%).
The survey represents views of over 16,000 people in 15 countries with 1,000 respondents from India. The findings are based on an online poll conducted by Ipsos MORI in August and September 2014. The countries polled included Australia, Brazil, Canada, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, the UAE, UK and US. The reliance on cash deposits was the second-highest in Indonesia with 82% of those surveyed preferring cash deposits while it was 64% in US and 56% in the UK.
It added the proportion of Indians confident of second domestic property working as source of retirement income was 85%, behind that of Indonesia (90%) but ahead of the US (54%) and UK (60%).