Mumbai 3rd Oct, 2023: Outlook Group announces the launch of its highly anticipated retirement planning event, “40After40”, in association with IDFC FIRST Bank. A one-of-its-kind platform, "40After40" is a two-day event and expo, which will be held at Jio World Convention Centre in Mumbai on January 23-24, 2024. It’s a one-stop shop for all conversations around timely retirement, panel discussions, chats, masterclasses, interactions with planners, product presentations etc.
The elderly population in India has been rising; it is projected to rise 41 per cent over a decade—from 138 million in 2021 to 194 million in 2031, according to a National Statistical Office (NSO) report, Elderly in India 2021. Similarly, projections from statista.com for 2021-31 show that the growth rate of the elderly population is expected to be five times the growth rate of the total population. Further, life expectancy in India has also gone up from around 60 years in the late 1990s to around 70 years in 2023 and is only likely to go up further.
In this scenario, it is the need of the hour for individuals of all age groups, and especially those crossing the age of 40, to become conscious and start planning for their retirement years.
The Need For 40After40 Event
The event is an extension of Outlook Money’s drive towards spreading awareness and creating conversations around the important but often-ignored need for retirement planning, making it the only media house with a dedicated website https://retirement.outlookindia.com/ on editorial content around retirement. It aims to provide invaluable insights and expert guidance to individuals, helping them make informed decisions to secure a prosperous retirement.
In this endeavor, IDFC FIRST Bank will be the presenting sponsors and will add the voice of its experts to spread the message of timely retirement planning. Hence, collaborating with IDFC FIRST Bank, a prominent financial institution known for its customer-centric approach and robust solutions, adds further credibility and expertise to the "40After40" event. Together, Outlook Group and IDFC FIRST Bank aim to equip attendees with the necessary knowledge and tools to embark on a secure and fulfilling retirement journey.
Talking about the collaboration, V. Vaidyanathan, MD & CEO, IDFC FIRST Bank, said, “The elderly work all their lives, and suddenly realise they are close to retirement in their late 50s. In any case they face many age-related issues like health. They may also feel loneliness which is sad. To top this up, if they are short of financial resources, it’s a hard feeling. While physical ageing related issues are caused by nature, at least, on the finances front, they could plan to have a better life.
Keeping this feeling in mind, IDFC FIRST Bank is proud to join hands with Outlook Money to highlight the importance of retirement planning and address the financial needs of the elderly early. It is in line with our customer-friendly philosophy and our endeavour to provide lasting solutions to them.
I feel that once the regular source of income winds down, elderly become very sensitive to even small debits to their account. Even if a bank debits their account for Rs. 15 a quarter for say SMS charges, they feel the pinch. Our Bank has a policy of never touching the savings bank account for this reason or that, say for Debit card fees, ATM fees, IMPS, RTGS, NEFT, Demand Draft issuance or whatever reason, all we need is maintain minimum balance of Rs. 10,000. IDFC FIRST Bank does not charge premature withdrawal charges on Fixed Deposits for Senior Citizens.
Like this we are thinking of a number of solutions for the elderly, and we want to help people plan their retirement, the education of their children, the marriage of their children, their health insurance and so on. ”
The Need For A Retirement Platform
The event is only one part of the Outlook Money Retirement platform. The Outlook Group, along with IDFC FIRST Bank, aims to approach the key question of retirement through the various print and digital platforms within the group.
“With rising life expectancy and shrinking sizes of families and homes, it’s the need of the hour to have a conversation about and highlight the importance of retirement savings and planning. Outlook Money and IDFC FIRST Bank believe that anyone can save enough for retirement if an individual takes a planned approach with proper guidance. The earlier one starts, the better,” said Nidhi Sinha, editor, Outlook Money.
The retirement initiative is a part of Outlook Money’s commitment towards empowering individuals to achieve financial security and prosperity in their golden years. “Our retirement platform, of which 40After40 is a key part, wants to create awareness and generate debates that can make a material difference in the way people think about their own future and government institutions address their needs,” said Indranil Roy, CEO, Outlook Group.
We aim to reach at least 50 million page views of the retirement-related content that is being created on Outlook Money’s retirement platform to ensure the message goes far and wide.
Details of the event:
With an expected turnout of over 4,000 attendees, the “40After40” event will be tailored to serve a diverse audience including young professionals, mid-career individuals, pre-retirees and retirees, the event will be a platform for stakeholders and participants to network and gain.
The unique expo aims to redefine retirement concepts, bridge the knowledge gap and set the stage for critical discussions on retirement planning. It aims to help individuals interact, understand and reach solutions that are suitable for them for a fulfilling retired life.
The event will feature a blend of educational and networking sessions, including keynote speeches, panel discussions, workshops and masterclasses led by industry experts, and a wide range of exhibits designed to highlight retirement-related products, services, and lifestyle aspects.
We aim to bring together key government functionaries, including financial regulators, and industry players to discuss policy, investing, insurance, assisted living and other aspects.
Outlook Money "40After40" Expo will underline our commitment towards providing insights and guidance regarding retirement planning and financial freedom.
About Outlook Group
The Outlook Group has always been on the forefront of identifying where India is headed and creating result-oriented platforms for advocacy and awareness. Outlook is India’s most credible current affairs and news magazine launched in 1995. Known for its bold and aggressive reporting, it continuously raises questions many had in their minds but never dared to ask.
Outlook rewrote and reinvented the way news and general interest magazines was presented in India when it launched and has done so even recently to look at news from a fresh and untold perspective. We call ourselves the “Decazine” now, moving out from the weekly to a 10-day cycle. Outlook covers an array of topics and analyses them from the lenses of society, culture & politics.
About Outlook Money
Outlook Money has remained India’s No.1 personal finance magazine for the last 25 years, delivering accurate, insightful, balanced, and practical information to our readers that is easy to understand and implement.
We empower our readers by giving in-depth analysis and credible information on investments, insurance, taxation, banking, financial planning, and all things related to your household budgets and financial goals. We are not an investment-only magazine, though stocks and mutual funds inevitably form a significant chunk of our content, because we are concerned about the overall financial well-being of individuals and not just wealth creation.
About IDFC Bank
IDFC FIRST Bank's vision is to build a world-class bank in India that's guided by ethics, powered by technology, and a force for social good.
Philosophy: The Bank has a customer-first philosophy offering high-quality products including current accounts, savings accounts, fixed deposits, retail loans, business loans, corporate banking, cash management solutions, FASTag, wealth management, and 24/7 customer care services. IDFC FIRST bank is one of the select banks to work with the regulator for pilot projects for many banking technology initiatives for India like CBDC, UPI for foreigners etc.
Unique Benefits For Customers: The Bank is the first and only bank in India that offers Zero fees for ALL essential services on savings accounts including for ATM cash withdrawals, IMPS, RTGS, NEFT, Cash Deposits and Cash withdrawals at branches, SMS Alerts, Cheque book, Demand Drafts, Pay-order, duplicate statements, etc. IDFC FIRST Bank is the first bank to offer monthly credit on savings accounts, so customers earn more with us. The bank’s credit cards have unique features such as lifetime free, never-expiring rewards points, zero interest on cash withdrawal at ATMs and low APR.
Ethics First: IDFC FIRST Bank prioritizes ethics in all its dealings and product design. The Bank believes income earned unethically is not worth earning. The Bank applies a "Near and Dear" Test in all product design, so that the employees of the Bank serve only such products to customers that they'd want for their own loved ones.
Transformation: IDFC FIRST Bank has transformed from infrastructure to retail banking in four years since merger, increasing CASA ratio from 8.6% to 46.5% (June 30, 2023) and increased Retail Deposits as % of total deposits from 27% to 77%, and set up 824 branches and 1,069 ATMs.
Financial Performance: The Bank recorded a PAT of Rs. 765 crore (~US$ 93 million) in Q1-FY24, with strong Capital Adequacy of 16.96%. The Bank has high asset quality, with Retail, Rural & SME book having Gross NPA of 1.53% and Net NPA of 0.52% as of June 30, 2023. Overall Gross NPA including infrastructure is 2.17% and Net NPA is 0.70%.
ESG Goals: The Bank is highly committed to ESG. The Bank has high governance scores, the business lines naturally support social goals, and efforts are ongoing to achieve environmental goals.
(Disclaimer: The above content is a press release and PTI takes no editorial responsibility for the same.). PTI PWR