77% indians don't save for retirement, most depend on children for support

77% Indians don't save for retirement, most depend on children for support By 2031, the population of people more than 65 years old is expected to grow the fastest (75%) among all age groups, yet only 23% were saving or planning to save for retirement in 2016, according to an August 2017report of a committee on household finance set up by the Reserve Bank of India (RBI), India’s central bank.

Only 60% insurance policies received premium for the second year in 2016, the RBI report data show. In five years to 2016, the average number of policies that got second-year premium dropped to 58%. Only 29% policies received payment for the fifth year in 2016.

The committee was set up by RBI in April 2016 under the chairmanship of Tarun Ramadorai, professor of financial economics at London’s Imperial College, and had representation from all financial sector regulators.