Around 88 percent of respondents in India, the highest proportion amongst the polled countries, said they were confident that cash deposits in the banks or trusts were a good option to generate income for retirement.

In Indonesia, 82 percent preferred cash deposits while the figure is 64 percent in the US and 56 percent for the UK, according to the report.
The proportion of Indians who are confident of second domestic property working as source of retirement income is 85 percent, just behind Indonesia (90 percent) but ahead of the US (54 percent) and the UK (60 percent).

Insurance products (81 percent), personal pension schemes (80 percent) and employer pension schemes (76 percent) are some of the other popular ways Indians prefer for retirement income.
The HSBC survey showed that living comfortably during retirement is a real concern for many working Indians. Almost three quarters (74 percent) of pre-retirees are concerned about having enough money to live comfortably in retirement.

"Our research shows, Indians are finally realising that they are not adequately saving for a comfortable retirement. The preferred means of cash deposits and income from second home, opted by Indians, alone may not deliver what they hope for," HSBC India Head of Retail Banking and Wealth Management Sanjiv Sud said.
As per the report, India, along with Malaysia, has the largest proportion of people (41 percent) who think buying a home or paying for its mortgage adversely impacted their ability to save for retirement, the report says.
This compares with global average of 32 percent and that of 28 percent in Brazil and 29 percent in Mexico. Also, 29 percent of Indians believe, paying for children's education affected their retirement saving plans, compared to a global average of 24 percent.
Some of the other key events, which have impacted the ability of Indians to save for retirement include, current economic downturn (22 percent), significant drop in earnings (20 percent), job loss (17 percent) and illness or accident (17 percent), the report said.

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