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Our Bureau

Kolkata , Sept. 21

FAST-PACED economic development is yet to erase some of the age-old theories on retirement in India. A review by HSBC, part of a bigger study on international trends, has underlined that Indians still view later-life as a time to live with and be cared for by their families.

Indians are also more likely to feel that in old age their best years have already gone, but are less likely to see their later years as a time to worry — because they feel they can depend on their children for support.

The key findings from India, HSBC has observed, suggest how Indians have mixed views on their elders even as they rarely think they will need to bear their own retirement costs. Further, they do not expect the government to shoulder the burden. In fact, "all generations of Indians" feel their offspring will handle most of the costs.

Only half of the pre-retirees have taken steps to prepare for retirement in the past 12 months, the review has mentioned, adding that 50 per cent feel not having to worry about money is "extremely important" for a happy old age.

Just under one in 10 Indians believe their 50-plus years will be the best in their lifetime, while four in 10 think retirement is the time for personal challenges and taking risks.

Interestingly, three in four Indians are likely to want to work in their retired years, while two-thirds are against mandatory retirement. In fact, Indians are the least likely out of all markets to be seriously concerned about being a burden to their families. Also, they are most likely to think their offspring (and other family members) will handle most of the costs.

"Although relatively they think fulfilling work can be a great source of happiness in later life, they are not strong advocates of working rights of older adults," the review has mentioned.

It may be pointed out that the global population of older persons is growing by 1.9 per cent every year. This, HSBC has stated, is faster than the population as a whole. By 2050, the world is expected to have two billion older persons.

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