77% Indians don't save for retirement, most depend on children for support

While health spending accounts for 13% of total consumption expenditure for elderly households

By 2031, the population of people more than 65 years old is expected to grow the fastest (75%) among all age groups, yet only 23% were saving or planning to save for retirement in 2016, according to an August 2017 report of a committee on household finance set up by the Reserve Bank of India (RBI), India’s central bank.

Only 60% insurance policies received premium for the second year in 2016, the RBI report data show. In five years to 2016, the average number of policies that got second-year premium dropped to 58%. Only 29% policies