Indian's are big dreamers, but when it comes to financial planning they lag behind by a distance reveals – Aviva Plan India Plan survey 2017, a one of its kind survey conducted by Aviva Life insurance. However, millennial are better financial planners, while women are catching up fast with men on financial awareness and planning.
It has often been reported that India fares poorly on financial literacy, however, so far, no one had endeavored to commission a specific research to ascertain the actual numbers when it comes to financial planning. Since, Aviva's philosophy of 'Good Thinking' is all about real ideas that make a real difference to customers, Aviva India, has undertaken a study with the topmost tier of SEC A & B segments in the top 8 cities of the country.
Mr. Trevor Bull, MD and CEO, Aviva Life Insurance commenting on the study said "The country is making rapid strides and leaving its mark in many spheres. No dream is too big when it comes to Indians today, who are shining across the global stage. However when it comes to planning for their life goals, most Indians don't have any concrete financial plans towards achieving their life goals. At Aviva India, we are making this our Brand Purpose, to help India become financially literate and better planned towards achieving what they intend to, for their lives."
Aviva Plan India Plan survey consists of 2 indices:
The Dream Index for the topmost tier of Indians stands at 61, whist the Plan Index stands at a dismal 24. Clearly indicating that whilst we dream big, however real action planning with regards to ascertaining the fulfillment of the dreams, is poor!
Ms. Anjali Malhotra, Chief Customer Digital & Marketing Officer, Aviva Life Insurance said, "The "Plan India Plan" study reveals a disturbing reality about financial awareness & planning in India. We lack the rigor to create robust financial plans for our own life goal objectives, which we consider dear to our heart, thereby leaving them open to chance! Therefore this study is a first step in assessing the gaps. In keeping with our Good Thinking philosophy we shall now develop programs to help consumers plan better"
The survey also reveals some interesting facts that are contrary to popular beliefs such as –
Millennials are better dreamers and planners
Women are catching up fast
Sec B are better at financial preparedness than Sec A
Couples without kids are better financial planners
Higher Income doesn't drive significantly better financial acumen
Survey Methodology
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