Retirement Calculator In India: Scripbox has announced the results of its annual Financial Freedom Survey. The survey has been conducted before the Independence Day. Although 4 versions of it have been introduced.
This survey attempts to understand the readiness of Indians to become financially independent with a special focus on retirement planning. Most of the respondents in the survey are in the age group of 34-55 years. Scripbox has included more than 1400 adults in this All India Survey. It is coming out in this year’s study that the understanding of financial planning has increased among the people. More than 75% of people have started investing in a financial plan to achieve their life goals.
1 out of every 2 Indians has preferred a financial plan to ensure growth in their wealth. This number was 28% in 2020 and 41% in 2021. 40% of the respondents say that they prefer to take the help of Digital Investment Platforms because of the accuracy of technology and aid in decision making. 32% of people say that they want to do financial planning to meet their long term goals.
Increased awareness of Financial Freedom
This year, there has been an increase in awareness among the respondents regarding long term investment and financial freedom. The study has highlighted the lack of preparedness with regard to retirement planning. 80% of people are not sure about their post retirement planning. The survey found that 65% manage their finances on their own, and only 20% are considering seeking professional advice. The lack of confidence in managing their own finances and their retirement planning further reinforces the importance of professional advice.
Equity Mutual Fund
The survey revealed that 62% of people have started actively saving for retirement only after the age of 30. Of these, 75% of the people have described Equity Mutual Fund as the most preferred investment option.
44% people opted for EPF
After this 44% have opted for Employees Provident Fund (EPF) and 43% have opted for Personal Provident Fund (PPF). Insurance is the last option as an investment option for retirement and is chosen by only 23%. This shows that insurance is being seen more as a protection rather than an investment option.
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