People nearing retirement are increasingly getting concerned about regular income and medical expenses needs in their post-retirement years.
The survey revealed that 83% of respondents kept regular income as their top concern in the post-retirement years.
Bajaj Capital has recently conducted an online survey to understand the impact of COVID-19 on investors’ road map towards retirement. One of the most striking findings of the Survey has been that people nearing retirement are increasingly getting concerned about their regular income and medical expenses needs in their post-retirement years. With lots of uncertainty thrown around in 2020, it also could be a wake-up call for those who want to bring their financial matters including retirement back-on-track.
In April 2020, Bajaj Capital, an investment services company, launched the Holistic Retirement campaign which propagates a holistic way of living through 10 pillars of Total Wellbeing. Financial well-being is also one of the 10 pillars that make the client understand the financial stress factors in life and how one can resolve them with ease.
During the lockdown, digital adoption among the people especially in their middle ages went through a huge transformation phase. For businesses, another advantage that emerged in current times was the time & availability of clients. Bajaj Capital took this as an opportunity and conducted 300+ webinars during the lockdown period on Holistic Retirement & Total Wellbeing and helped more than 10’000+ clients on the road-map towards retirement.
In this Phygital interaction with clients, Bajaj Capital sensed the uncertainty in the client’s minds looking for reaffirming scenarios amidst the COVID-19 pandemic. This led the company to go a little deeper into the topic to understand the individual’s preparedness towards a Holistic Retirement through a survey.
Post revamping its website based on design thinking to offer multiple financial products at one platform to its clients, Bajaj Capital launched the ‘Holistic Retirement’ online survey with its clients in the middle of Sep 2020. Bajaj Capital approached people through email-database and social media counts and engaged more than 2000 people out of which more than 1200 fully completed this survey.
The respondents were asked about their top retirement concerns. Some of the common and top concerns noticed among the clients were Regular Income Post Retirement, Medical Expenses, Health and Wellness, and the Purpose of Life. The survey data revealed that 83% of respondents (age between 45 – 54 years) kept Regular Income as their top concern in the post-retirement years. The medical expenses occupied the second spot with 56% of respondents realizing the medical expenses may increase during the rainy days of life.
When asked about how confident they are about their retirement planning investments, close to 67% of people nearing retirement chose they are ‘Some-What confident’.
The most interesting facet of the survey was that 36% of these group of people chose to ‘Pursue their Passion’ when asked the one thing they would like to do post-retirement, was starting something of their own, pursue their passion, continue earning or live a lavish life. It was almost a tie in this question as 33% of respondents chose to continue earning even after retirement. Maybe being financially independent is the mantra this lot has been following. Speaking about the unique concept of clubbing retirement and well-being together, Vishwajeet Parashar, Chief Marketing Officer, Bajaj Capital, said that, “For the last five decades we have been providing customized solutions to our clients related to their needs and issues in personal finance domain. The three important pillars of life after retirement are good health, sufficient wealth and living life with a new purpose. Bajaj Capital’s new initiative ‘Holistic Retirement’ is a solution that will help retirees to assess regular income for a lifetime, stay healthy and living a purposeful life.”
The company is also all set to launch India’s first-ever and unique ‘Holistic Retirement Assessment’ tool in the next few months that will empower its clients to look at the future with certainty and assess their retirement in a more meaningful manner.