Mumbai (Maharashtra) [India], April 12: Consumer Knowledge firm, Ormax Compass today released its report titled ‘Expectations of Post Retirement Life’ which delved into the minds of senior citizens from MMR (Mumbai Metropolitan region) to see how they imagined their retired lives. The study pointed out that in the MMR region by 2031, there would be 2.4 million senior citizens who will be living on their own. It further shows how retirees are relooking at their post-retirement plans in recent years.
Among the notable findings of the study, senior citizens in MMR are prepared to live alone in a nuclear environment. Many respondents expressed their belief that they would probably be the last generation to provide care for their aging parents, and did not expect their children to take care of them during their old age. They believe that they themselves need to be prepared financially, physically and emotionally to take care of themselves. They are very pragmatic about this, and do not wish to be a burden on their children or family.
Maharashtra with an estimated population of 125 million has an elderly population share of 11.7%, which is higher than the national average of 10%. It is projected to increase further, to reach a 15% share by 2031.
The Indian 60+ population was increasing faster at 3.8% pa as against 2% pa previously. This is based on the 2011 census where the senior citizen number was estimated at 103 million, accounting for 8.6% of the total Indian population. By 2021, the number has increased to 139 million accounting for 10% of the total population. Life expectancy at birth in India was 69 years in 2014, expected to be 71 years in 2030 and is projected to increase up to 75 years by 2050.
Priya Lobo, CEO at Ormax Compass, said, “Analysing the mind-set of senior citizens in MMR could benefit in creating a congenial living environment. We observed a shift in senior citizens’ thinking and by the next decade, it may become a norm for elders to live on their own. Besides real estate, the Ormax Compass analysis should be beneficial for designing financial programs related to insurance and even plan corporate benefits for retiring employees.”
“Senior citizens may not have been high focus for the realty sector as much as younger buyers. But today, the market seems to offer a big demand owing to the increase in base and changing mindsets,” added Ms. Lobo.
The study also offers crucial cues for property and urban developers:
-MEDICAL FACILITIES: 100% of senior-citizens surveyed believe that easily accessible and reliable medical facilities are crucial. In the wake of the pandemic and the stress around emergency facilities, respondents believe that residential facilities in close proximity to hospitals and other emergency facilities are needed.
-TRACK RECORD: 90% of senior citizens surveyed expect realtors to have a proven track record when it comes to development of realty projects. Observing a similar property and first-hand experiences are reassuring and likely to enable a positive decision.
-COMMUNITY LIVING: 80% of respondents felt staying in a likeminded community is key, away from the hustle and bustle of city life but yet connected to Mumbai is what matters to them, when it comes to planning for a retirement abode.
Respondents averred that a good living abode would help meet the best years of their lives ahead in a peaceful manner. While there were several expectations, the respondents also cited concerns such as the inability to find good, reliable domestic help for doing mundane chores or unseen disruptions to an otherwise peaceful and relaxing life.
With rising income levels and relatively good health, a growing number of Indian senior citizens are now economically independent and willing to actively seek and choose to pay for facilities and services to fulfil their needs. Retired living communities will play an increasingly integral role in addressing these growing Active Ageing needs.
The MMR region is home to several large government corporations like BARC, ONGC, RBI, HP, BP etc. Many of these corporations provide accommodation to their staff until retirement. Many of these employees are expected to retire soon. This makes it a good catchment area for retired living residences.
Ormax has compiled this report by studying secondary data from various government sources, and by conducting primary research in the MMR region.
About Ormax Compass:
Ormax Compass is a Consumer Knowledge firm that has been delighting client partners for over 37 years. With a strong foundation in Human Psychology and Behavioral Understanding, Ormax Compass has a rich experience across a range of consumer segments and geographies with assignments straddling across category understanding, brand health, communication testing, product testing, and product usability studies.
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