Most Indians favor taking a mini retirement: What is it?
What's the story
Retirement is no longer an event that marks end of a career. The trend of "mini retirements" is changing how people view work, wealth, and well-being. An HSBC survey revealed that 85% of Indians believe mini retirements improve their quality of life. The study found that 48% plan to take at least one such break in their lifetime. These breaks can last from few months to several years, and are used to pursue personal interests like travel or skill development.
Trend
Mini retirements gaining traction in India
The HSBC survey, which included responses from 1,006 affluent Indian adults aged between 21 and 69 years, found that mini retirements are becoming increasingly popular in India. Unlike shorter sabbaticals, mini retirements can lead to major life changes such as career shifts.
Cost considerations
Financial considerations and funding sources
The survey also revealed that 61% of Indian respondents plan to spend ₹88 lakh or more on each mini retirement. Personal savings (38%), financial support from family/parents (36%), and part-time/freelance work (36%) are the most common funding sources during these breaks. Interestingly, younger generations are leading this trend with 64% of Indian Gen Zs and 58% of millennials planning such breaks for personal goals or family time.
Hurdles
Challenges to think about
Despite the growing interest in mini retirements, there are still challenges to overcome. Financial security worries top the list (37%), followed by family obligations (36%), and perceptions of family and friends (31%). These problems highlight the need for robust financial planning and societal acceptance to make such retirements a viable option.