Last week we asked seniors about how they like to save their money, and given below are some of the insights we have gathered from their responses:
- 38% of seniors revealed that the health of their savings have improved after they retired, while the rest said that it has either stayed the same or deteriorated.
- Motivation for seniors to save can vary based on individuals, but when asked about the same, p the most common response we got was ‘to take care of old age requirements’. To meet medial requirements was also another common response we got from seniors, as 63% said the same. For a significant number of seniors (43%) however, saving money for travel purposes is the key motivation!
- More than half of the seniors(54%) who took the survey stated that they turn to investing their savings in Fixed Deposits. Not many seniors like to invest their money in stock markets, as only 21% reported doing so.
- Mutual Funds are also one of the more common investment instruments used by seniors
We asked seniors about what advice would they give fellow seniors to save more, and these are some of the responses that we got:
Set aside an affordable portion of income in SIPs of MFs with the details written down and kept in the knowledge of trusted ones.
- Inflation is rising at the alarming rate and our income is shrinking ,If we keep on splurging our money soon we will have no money , it’s advisable to save .
- There are good and sound investment options available like mutual funds, post office schemes, senior citizen savings scheme. Talk to ur bank investment manager to have an optimal mix of above depending on ur needs and goals.
1 Save as little as possible but regularly. 2. Discus with friends about various instruments of saving. 3. Keep some portion in bank for daily needs. 4. Start with Mutual Funds on regular basis. It will provide liquidity along with appreciation. 5. Watch Financial programnes on TV daily to gain first hand information. 6. Go for Stocks only if you have surplus money and willing to take risk upto some extent.