Why Youngsters Worry About Retirement?

There must have been innumerable instances wherein your parents have warned you about savings and why it is important. Everything boils down to just one reason – you got to think about the future. Having said that, however, there is also a fair chance that you may want to save a little later than your parents because you wish to enjoy a bit more.

Savings are important. More so, for a carefree and hassle-free retired life. You will be surprised to know that a new generation of employees fear their retirement life will be much worse than their parents, as per a new study. A whopping 54 per cent were concerned about their future financial state. The survey that was conducted by a broking and solutions company Willis Towers Watson included over 2,000 employees.

As per a report in Business Today 46 per cent of the respondents expressed concern and more than 1-in-3 stated that their financial problems are negatively impacting their lives.

“The growing insecurities of employees around long-term financial stability demands immediate attention of employers," Kulin Patel, Director, Willis Towers Watson India, said.

While you must be wondering whether pay and bonus basically give you all that you need, the survey however showed that 1-in-4 employees, when asked about their top priorities, prefer superior retirement or health benefits to pay and bonus, and more than 2-in-5 would prefer some alternatives to pay and bonus. What more? The survey further suggested the biggest growth in promoting financial well-being in India will be to target the employee with customized messages. The messages will serve as an advisory on how much one should save as per their salary bracket. The good thing is, around 50 per cent employers were ready to do it over a period of three years, while 13 per cent were already doing so.

The survey felt that the employers should help employees address a range of issues from short-to-medium-term savings to the traditional long-term retirement savings. Obviously, each employee has a different set of requirements. The employers will have to customize accordingly. Just like how HDFC Life has customized plans for your every need. Be it health, cardiac care, critical illness plans or savings – their online plans are breeze to understand, calculate and of course, plan your savings accordingly.

So, do that without wasting any more time, so that you don’t feature in the next survey of worried youngsters

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ARN: ED/12/19/17049