Indian's are big dreamers, but poor financial planners: Survey

Indian’s are big dreamers, but when it comes to financial planning they lag behind by a distance reveals, according to Aviva Plan India Plan survey 2017. While 61% of Indian's in the survey had big dreams only 24% of the people had a financial plan to reach there.

Source: Aviva Life Insurance

The survey showed that in India millennials (between 25-29 years) were better at dreaming and having a financial plan to achieve the dream. In terms of the dream index, 75% of millennials had big dreams but 31% had the financial planning to get there. In comparison those between 30-35 years are better are dreaming but only 27% have a financial plan to accomplish it. This is even lower in the age group between 36-45 years.

Source: Aviva Life Insurance

Indians between age group of 25-29 years are most aware about financial investments. Millennials score 31 on Plan Index, compared to 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.

Source: Aviva Life Insurance

Couples without kids are doing better financial planning compared to couples with kids. Couples without kids score 31 on Plan Index contrary to 21 of couples with kids.

Source: Aviva Life Insurance

South Indians outscored those from the rest of India in terms of financial planning. Those living in Patna and Ahmedabad are poor financial planners, said the survey.

Source: Aviva Life Insurance

People earning more than 1 lakh a month are not better financial planners. They score 59 on Dream Index compared to 61 of All India. Those earning a monthly salary between Rs 60,000 to Rs 1 lakh are better at financial planning towards their dreams.

Source: Aviva Life Insurance

The report further said that like the rest of India, small and medium entrepreneurs are dreamers but poor planners.

Source: Aviva Life Insurance

The survey covered cities such as Delhi, Mumbai, Kolkata, Patna, Jaipur, Ahmedabad, Hyderabad, Bangalore and reached out to sample audience of 5,572 people. The target group was SEC A and B belonging to age group of 25 to 45 years male and female.

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”