Due to low financial literacy in our country, the awareness about Retirement planning is very low, though the savings rate is high. There was a time when most of the Indians were depended on cultivation and belonged to Joint families. In such social criteria there was no scope of our forefathers to learn about Retirement planning.
That time those who were engaged in job mostly belonged to government services and had secured pension. The rate of inflation was also not as high as today’s and there was no such demand of consumer goods like todays. Also medical expenses were also quite low, because that time most of the people died at an early age due to lack of proper medical treatment.