Most Indians see inflation affecting retirement lifestyle: Survey

A majority of Indians are worried about inflation affecting their retirement savings and lifestyle, shows a survey conducted by ICICI Prudential Life Insurance.

The survey was carried out among over 1,100 individuals to understand consumers’ attitudes toward retirement, money, and annuity plans.

The respondents included government employees, private sector employees, businessmen, self-employed, and retirees across the age bracket of 45 to 75 years from cities with a population of more than 2 million.

“Over two-thirds of those surveyed have mentioned, they worry about inflation impacting their retirement savings, and consequently, their lifestyle,” said the survey results.

“Over three-fifths of the respondents indicated that their retirement goals include enjoying life, staying connected with friends, travelling abroad, feeling financially secure, and having peace of mind in this new chapter of their lives,” it said.

The survey further showed that at present 11 per cent of total income is channeled towards retirement-specific savings.