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The very word retirement sends down shivers through the entire body. People literally shy away from this inevitable truth that one day they too have to lead a retired life – full of boredom, without any work et al. What’s more? Surprisingly figures indicate that close to 57% of pre-retired Indians think that they will work beyond their retirement age to fund their retirement, a rise of 17% from 2004. And that’s not all. Over 45% Indians do not know where to seek financial advice from and little over a half admitted to being in the dark over pensions and saving policies with a sizable number turning to the internet for help. Appalling figures these. But then these are the results of ‘The Aviva Customer Attitude to Savings Survey,’ spanning across three years from 2004-07. The survey, one of the largest of its kind in the financial services sector, was conducted by Aviva and HCHLV, Aviva’s international research partner. States Bert Paterson, MD & CEO, Aviva India, “It is heartening to find that Indians continue to save keeping the future in mind. While savings is important, retirement too is a serious issue. Only 4% of the GDP of India is spent on insurance and at the dynamic pace at which India is moving, people need protection.”

Aviva’s effort to pull people towards insurance may pay off in the long run but will surveys like this make a real impact on the general public? Aviva through its advertising too has been emphasising on the importance of retirement planning. The insurance company has recently roped in Sachin Tendulkar as its brand ambassador to talk about its various schemes. So if you want kal par control, you know where to go, don’t you?

Research bureau: Pawan Chabra

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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