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Our Bureau

New Delhi, July 27

AN HSBC survey on retirement has revealed that nine out of every 10 Indians expect to rely on their children for care in old age.

"Indians rarely think they will need to bear their own retirement costs. Nor do they expect the Government to pick up the tab.

"Instead, all generations of Indian feel their children will bear most of their retirement costs," according to the survey `Future of retirement in a world of rising life expectations'. It also says Indians are the least likely out of all to be seriously concerned about being a burden on their families in old age.

"Indians view later life as a time to live with and be cared for by their families. They are, however, likely to think that in old age their best years are behind them, but are less likely to view their later years as a time to worry, probably because they feel they can count on their children and families for support and care," the survey has said.

It points out that only half of the pre-retirees have taken steps to prepare for retirement in the last 12 months and only a quarter think they will bear most of their retirement costs.

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