40After40 Retirement Expo | IDFC First Bank's top boss said that oftentimes, senior citizens feel the loss of relevance with age and not having a steady source of income after retirement compounds the problem.
The second edition of Outlook Money’s 40After40 Retirement Expo got off to a fabulous start with the theme address of V. Vaidyanathan, MD & CEO of IDFC First Bank. Speaking on the occasion, Vaidyanathan exclaimed that senior citizens are "young" and what was 60s earlier is now 80s. “With the life expectancy and level of fitness rising, 80 is the new 60”, he said adding that it is all about how you approach your life. “It is you versus what you were 20 years ago, approach life with curiosity.”
Acknowledging the contribution of seniors in our society he said that senior citizens have added a lot of value throughout our and their lives. “They have supported us during tougher times, particularly in the India of the earlier century. In the Eighties, Nineties, and early 2000s, India was a very tough place to do business and all that, except for the last ten years of India's reforms. Through those circumstances, they have earned legal income and have supported all of us. So, our role is to be sensitive to their feelings, hear them better, give them some company as much as we can.”
IDFC First Bank's top boss said that oftentimes, senior citizens feel the loss of relevance with age and not having a steady source of income after retirement compounds the problem. “Because when they were in their thirties and forties and fifties, like all of us they were also working hard, there was so much action in life.” Their daily routine gets disrupted, they don't know what to do with their time, and sometimes medical issues come their way, he said.
He stressed the need for smart retirement and financial planning. “In today's ecosystem, at least in our generation, like in my generation, for example, we still have our elderly parents live with us. But people now go to work and study at far places, they are not with them to help,” Vaidyanathan said.
Vaidyanathan also gave a detailed demo of IDFC First Bank’s mobile app and its latest features for senior citizens which help them in financial and investment planning in a safe and secure way. “It is one of the most innovative and upcoming banking apps in India,” he said.