why do technology innovations retire?
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Answer:
With over half a billion active internet users, the demand for digital services in India is ever growing. Digital technologies are transforming every aspect of our lives, including how we manage our finances. In fact, India exceeds the global average in the adoption of fintech services, with technology-driven financial planning services expected to see the highest increase in demand. Retirement planning is an essential component of any financial strategy, especially in a country like ours where the pension coverage is woefully low - only 9-10% of the population estimated to have some kind of pension benefits.
However, digital advancements can help bridge this gap with automation, better decision-making and personalisation. And some of the leading insurance providers were quick to jump on the digital bandwagon, which has resulted in improved accessibility, flexibility and affordability of retirement planning services for our young and increasingly aspirational millennials, particularly in smaller cities and villages.
There are a number of online planning tools that can help us understand our retirement funding needs and track progress towards our life goals. As we live longer and spend more time in retirement, the challenge is to get the best out of those years. So how can we use technology to demystify retirement investing and simplify the process, making savings much easier?