Average wealth expectancy of affluent Indians is just Rs 3.6 cr; to receive Rs 93,000 per month during retirement: Report

New Delhi: The average wealth expectancy of those in India with enough disposable income to save and invest is just Rs 3.6 crore and this would give them Rs 93,000 per month to live during retirement, a report said on Wednesday.The report used a proprietary economic model that considered other macroeconomic factors such as Gross Domestic Product (GDP) growth and interest rates to calculate how much the wealth creators are set to be worth at the age of 60. This wealth expectancy figure is then used to calculate how much individuals can live off each month throughout their retirement.According to Standard Chartered's new Wealth Expectancy Report 2019, the average wealth expectancy with enough disposable income to save and invest is Rs 3.6 crore, or Rs 1.3 crore for the emerging affluent, Rs 2.6 crore for the affluent and Rs 6.9 crore for high-net-worth individuals (HNWIs).[caption id="attachment_6013191" align="alignleft" width="380"]

Representational image. Reuters[/caption]On average, this would give the affluent class Rs 93,000 to live on per month during retirement, which is less than both their current income and wealth aspirations."If they were to spend at the average monthly rate to which they aspire, their wealth expectancy would last the emerging affluent 6 years of retirement, and the affluent 9 years, while HNWIs would be able to fund 5 years," it added.The report further noted that already, almost one-third (32 percent) are on track to achieving more than half of their wealth goal at age 60. For the 68 percent that is further away, it is still possible to narrow the gap with well-defined goals and a considered wealth management approach."For those who want to avoid disappointment with their wealth in retirement, the time to take action is now," said Nakul Jain, Managing Director, Head, Priority, Deposits and Branch Banking, Standard Chartered Bank, India.Further, Indian affluent savers are a lot more positive about digital banking than their counterparts elsewhere: nearly four in five of the emerging affluent (78 percent) in India feel more in control of their finances by managing their money digitally.Wealth Expectancy Report 2019 examines the saving and investment habits of 10,000 emerging affluent, affluent and HNWIs across 10 fast-growing economies.Funding their children's education, establishing or funding their own business, investing in property and supporting parents or relatives financially are the most common aims for savers in India, the report noted.