90 per cent Indians believe financial health having profound impact on well-being: Survey
Financial and physical health have been among the top two stressors for Indians amid Covid-19 perhaps, even ahead of relationships and family, a new survey has revealed. According to Scripbox’s survey on ‘Wealth and well-being’, an overwhelming 90 percent Indians identify financial health as having a profound impact on their well-being.
Financial and physical health have been among the top two stressors for Indians amid Covid-19 perhaps, even ahead of relationships and family, a new survey has revealed. According to Scripbox’s survey on ‘Wealth and well-being’, an overwhelming 90 percent Indians identify financial health as having a profound impact on their well-being. Having a financial plan in place and investing in wealth creation emerge as ways to help alleviate financial stress and build a greater sense of personal well-being today.
Conducted ahead of World Savings Day (celebrated globally on October 31st), the survey aims to create awareness on the importance of saving and investing that can create a virtuous circle with lifelong benefits.
Amid Covid-19, Indians have been most stressed because of their physical health (54 percent), followed by financial health (46 percent), ahead of family (28 percent) and relationships (23 percent). While it’s popularly understood that money can’t buy happiness, an overwhelming 90 percent of Indians agree that financial health has a profound impact on their well-being. Respondents polled for this survey cite that having a financial plan in place (42 percent) and investing in wealth creation (23 percent) would lend significantly to their optimism about the future and their sense of well-being.
Not Saving Enough
However, most Indians do not save enough. Nearly 50 percent save 0 to 20 percent, and 20 percent save between 20 to 30 percent of their income. On the other hand, Indians are also recklessly safe with their savings, with a majority preferring fixed income products such as PPF, LIC and other tax saving schemes, fixed and recurring deposits, or just letting it lie in their savings accounts. Just one in four respondents invest in Mutual Funds.
Compared to women, men view investments such as MFs and Shares and Stocks more favourably. Among men, 2 in 3 continued to stay invested in equity markets during the pandemic, whereas less than 1 in 3 women respondents continued to do so.
Interestingly, millennials (those under 35 years of age) are far more likely to let their savings lie idle in their bank accounts than those over 35 years, who would rather invest it than let money lie idle, indicating maturity of understanding of financial planning.
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