60% seniors want to work post-retirement, spend on leisure travel: Survey

Around 64 per cent of seniors, aged 50 and above, want to continue working post-retirement for financial independence, mental peace, and to maintain a healthy lifestyle, according to a survey.

Antara, a wholly-owned subsidiary of Max India Ltd, has surveyed to bring out insights on the lives, aspirations, preferences, opinions, and consumer behaviour traits of middle and upper-middle-class senior citizens in urban India.

The survey focussed on the metros in North, the West, and South India covering over 2,000 seniors aged 50 and above, Antara said in a statement.

"Seniors in India have traditionally been a dependent demographic, post investing their life's earnings on their kids, a stable home, etc. They often depend on the Indian joint family milieu to support them. According to the survey findings, this trend is changing," Antara said.

 

As per the survey, nearly 27 per cent of seniors expressed a desire to work till the age of 70-75 and 37 per cent of seniors till their last moment.

In addition to financial stability and independence, 57 per cent of seniors want to continue working beyond the retirement age for mental satisfaction.

For around 65 per cent of seniors, leisure travel is topped as a lifestyle spending preference.

"As India, a young nation, grows older, its senior population is evolving. No more are the Indian elderly a docile cohort, thinking of everybody but themselves. Their needs and aspirations have come a long way. They now want to be active contributors in the economy, want to lead a life with dignity, and become more 'Atmanirbhar'," said Rajit Mehta, Managing Director and Chief Executive Officer, Antara.

The company is an integrated service provider for all senior care needs. It operates two main lines of businesses Residence for Seniors and Assisted Care Services.