`Indians feel children will take care of them'

With life expectancy outgrowing the retirement age, nine out of every ten Indian expect their children to take care of them in old age, according to a study conducted by HSBC.

The study - titled The Future of Retirement - conducted in 10 countries, including India, on global attitudes to ageing and retirement found that Indians view the sunset of their life as a time to live with and be cared for by their families.

They will neither bear their own retirement costs nor do they expect the government to pick up the tab. According to the study, 34% feel they are least likely out of all the markets to be seriously concerned about being a burden in old age.

About 64% think their children and other family members will bear most of their retirement costs while nine in 10 (94%) expect to rely on their children.

Regarding retirement planning, 50% of pre-retirees said they have taken steps to prepare for retirement in the last 12 months, and 29% think they will bear their own retirement costs.

Interestingly, half the respondents think not having to worry about money is extremely important for a happy old age.