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67% Indians consider themselves retirement ready: PGIM India Mutual Fund Retirement Readiness Survey 2023

An increasing number of Indians believe they are retirement ready, up from 49% in 2020 to 67% in 2023.


Mumbai, 6th November 2023: ‘Retirement’ is climbing the ladder in financial priority for Indians, reaching 6th position in 2023 from 8th in the 2020 survey.

Earlier, retirement was largely associated with fulfilling obligations for family. Over the years, it’s definition has transcended to seeking self-worth and self-identity – nurturing their inner self by taking care of themselves and exploring their interests. Today, Indians are seeking control over their finances without compromising their aspirations, reveals PGIM India Retirement Readiness Survey 2023.

Two important facets related to money that the pandemic seems to have had an impact on are:

A positive facet:

Money is perceived as a ‘safety net’ towards unexpected/expected exigencies; ‘an enabler’ – to fulfil one’s commitments towards their family and a ‘signifier of being competent’- seeking social respect and pride. Post pandemic, it has evolved to newer dimensions of ‘seeking freedom’ – i.e., executing responsibilities without having to compromise ones’ lifestyle and aspirations’ e.g., having a bigger house, quality education for children to upgrading their lifestyle through fashion, tech, décor choices, vacations, etc.

A negative facet:

‘Making and managing’ money has a direct impact on their ability to fulfill their commitments and responsibilities. In the negative facet, if one is unable to manage their money well, due to lack of expertise or inability/delayed adoption to the growing financial digital world – it can lead to social embarrassment, low self-esteem and/or a sense of lack of control, leading to building up of debt and liabilities.

PGIM India Mutual Fund, a wholly owned business of PGIM, the global investment management business of Prudential Financial, Inc. U.S., recommissioned NIQ, the leaders in global measurement, to conduct another round of Retirement Readiness Survey with 3009 Indian participants, residing across 9 metro and 6 non-metro cities, to gauge attitudes and behaviours towards their overall financial planning, especially planning for their retirement. This also aided the fact that the findings could be compared in the light of the impact of the pandemic on one’s behavioural, attitudinal, and financial aspects of dealing with money.

Key findings from the survey:

Ajit Menon, CEO, PGIM India Mutual Fund, said, “We saw a visible attitudinal and a behavioural shift overall, where the pandemic seems to have impacted certain significant aspects. The emphasis on ‘self-Identity’, ‘Self-Care” & ‘Self-Worth’ have emerged as more important than ever alongside fulfilling roles and responsibilities towards one’s family.”

Dr. Sagneet Kaur, SVP, Behavior Finance & Consumer Insights, PGIM India Mutual Fund, said, “Overall, the rise of retirement planning among Indians is a positive trend that reflects a growing awareness of the importance of financial planning for long-term financial security. This trend will gain momentum if we truly understand and build products to nudge investors overcome their behavioural biases while investing for long term – as biases can tempt even the most discerning investor to abandon their well-established long-term strategies for the pull of immediate gratification driven by short-term emotions and desires.”

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