Savers may fall short of retirement goals despite having financial plans: Standard Chartered Wealth Expectancy Report
A little less than a third (32 per cent) are on track to achieving more than half their goal by the age of 60
December 23, 2019 / 04:36 PM IST
Well-heeled Indian savers might fall short of their desired retirement goals despite 60 per cent of them having a financial strategy in place, a Standard Chartered Wealth Expectancy Report has found. A little less than a third (32 per cent) are on track to achieving more than half their goal by the age of 60, which means a majority of them are under-prepared for their retirement. In fact, emerging affluent individuals could see their wealth expectancy – that is, expected total net wealth at the age of 60 – getting exhausted within six years of retirement. In the case of the affluent class, the corpus could last nine years. Not surprisingly, 64 per cent of the affluent group said the anxiety around money matters has affected their health. The findings reinforce the need for more robust financial planning to close the gap.