Mumbai, March 22 (IANS) Dreamers are great achievers — but Indians, who generally dream big, fail to achieve their dreams as they are bad financial planners, a survey conducted by Aviva Life Insurance Company has said.
The Aviva Pan India Plan survey 2017 said the millennials are better financial planners, while women are catching up fast with men on financial awareness and planning.
According to Aviva Life, no one had endeavoured to commission a specific research to ascertain the actual numbers when it comes to financial planning, though it is said India is poor in financial literacy.
The private life insurer surveyed respondents in the topmost tier of A and B segments in top eight Indian cities.
“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,” Trevor Bull, company managing director and CEO, was quoted as saying in a statement.
The survey consisted of two indices: The Dream Index, which connotes how Indians are aware of their life goals; and The Plan Index, which connotes how well financially planned Indians are towards achieving their life goals.
The Dream Index for the topmost tier of Indians stands at 61, whist the Plan Index stands at 24.
The other findings of the survey are:
Indians in the age group of 25-29 years are most aware about financial investments. Millennials score 31 on Plan Index, compared with All India score of 24.
Contrary to popular belief, woman are catching up fast with men on financial planning. Women score 19 on Plan Index against 25 of men.
Couples without kids are doing better financial planning compared with couples with kids. Couples without kids score 31 on Plan Index compared with 21 by couples with kids.
People earning more than Rs 100,000 a month are not better financial planners. They score 59 on Dream Index compared with 61 at the all-India level.
The survey was done among male and female in the age group of 25 to 45.