Indians focusing on ‘savings’ for financial security after pandemic: Survey

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New Delhi, Jan 12 (PTI) In the midst of the third wave of the coronavirus pandemic, Indians are better prepared to deal with the situation. Now Indians are focusing more on financial security by cutting down on discretionary spending with insurance products. This fact has come to the fore in a study.

After the first year of the pandemic, people are reducing spending on discretionary goods, said the second edition of the Financial Security Survey 2.0, released by SBI Life on Wednesday. They are mainly focusing on renewal of their health and life insurance policies. “Also people are spending half of their earnings on building ‘savings’ for financial security or immunity.

The survey was conducted in 28 metros and tier I, II and III cities. The male-female participation in the survey was in the ratio of 80:20. At the same time, the participation of people in the age group of 21 to 35 years and 35-45 years was 50:50 in the survey.

The survey said that awareness about financial security is increasing. Now the focus is on savings. The survey says that Indians are spending 50 per cent of their income on financial security through savings, investments and insurance.

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