A recent survey revealed that white-collared gig workers in India have lower retirement readiness compared to the overall urban population. The survey, conducted by Max Life Insurance in partnership with KANTAR, showed that gig workers scored only 46 out of 100 on the retirement index, whereas the national average was 49.
Gig workers, who are professionals engaged in temporary jobs in the service sector as freelancers or in knowledge-based roles, have lower financial and health readiness for retirement. They are more worried about providing for their families’ basic and luxury needs during retirement, as well as securing their children’s future.
The survey also highlighted the retirement readiness of Double Income No Kids (DINKs) and working women. DINKs showed strong financial health and readiness for retirement, while working women actually outperformed men by 1 point in overall retirement preparedness.
Prashant Tripathy, CEO and Managing Director of Max Life, emphasized the need for focused interventions to improve retirement readiness among gig workers. He also mentioned the importance of creating awareness about the National Pension System (NPS) to help individuals better plan for their retirement.
Overall, the survey pointed out the importance of early planning and financial literacy in ensuring a peaceful and financially secure retirement for urban Indians.
