Bengaluru, September 04, 2024: Aditya Birla Sun Life Insurance Company Limited (“ABSLI”), the life insurance subsidiary of Aditya Birla Capital, India’s leading financial services conglomerate, has unveiled ‘A-Nishchit Index 2024’. The comprehensive survey highlights the pervasive sense of uncertainty among Indians about their financial future.
Based on the responses gathered from ~7,978 participants, the survey reveals that 88%of respondents anticipate high or very high levels of financial uncertainty over the next five years, with economic factors emerging as the primary source of uncertainty among respondents.35.11% of participants cited economic uncertainty, such as potential job loss, as their top worry. Technological advancements, including AI and tools like ChatGPT, followed close at 33.95%, reflecting anxieties about the potential impact of these technologies in changing the nature of work.
Despite these challenges, many Indians are proactively seeking to safeguard their financial future:
i. 76.57% have taken insurance policies as a financial safeguard
ii. 69.28% have a savings account for emergencies.
iii. 48.95% have kept fixed deposits for financial uncertainties
iv. However, a significant 34.87% never engage in financial planning or review, relying on professional guidance.
Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Company Limited, said, “The A-Nishchit Index 2024 underscores the widespread concern among Indians about their financial future. With 88% of respondents anticipating significant financial uncertainty, it’s clear that many are feeling the pressure of today’s volatile environment. Our commitment at Aditya Birla Sun Life Insurance is to provide individuals with the insights and tools they need to navigate these uncertainties effectively and build a more secure financial future.”
Additional findings from the survey include:
i. 83% believe financial planning helps manage financial uncertainty
i. 47% believe investing in FDs is better than buying an expensive new phone
ii. 77% prefer steady investments like bank FDs, valuing security over high returns
iii. 40% of investors are drawn to high-risk, high-return options despite a preference for stability
iv. 72% diversify into traditional assets like Gold and real estate, maintaining faith in time-tested investments
v. 68% seek investments with dual benefits, blending financial growth with protection
vi. 70% favour long-term investments over short-term gains, signalling a trend towards patience and growth
vii. 75% feel confident in their investment choices, thanks to experience and a positive mind-set
viii. 73% rely on recommendations from friends and family when choosing insurance investments
ix. 68% trust their intuition when making investment decisions, highlighting the role of gut feelings in finance.
Financial Planning for Higher Studies:
i. 39.69% of females and 45.22% of males think financial planning for higher studies is crucial due to education inflation and lack of finances.
ii. 42.24% of females and 38.13% of males believe it’s important to ensure funds for children’s higher studies.
iii. 14.68% of females and 13.37% of males motivate their children for scholarships or education loans.
iv. 3.39% of females and 3.28% of males think financial planning is unnecessary and everything will work out on its own.
Work Schedule Description:
i. 41.84% of females and 42.96% of males are always uncertain about new tasks or issues.
ii. 27.61% of females and 25.94% of males have packed schedules with urgent deadlines.
iii. 19.47% of females and 19.65% of males work flexible hours based on convenience.
iv. 11.08% of females and 11.45% of males work in shifts like 9 AM to 6 PM.
If You Had One Extra Hour at Work:
i. 26.76% of females and 24.12% of males would take breaks or leave work early.
ii. 28.26% of females and 30.14% of males would connect with co-workers for coffee breaks.
iii. 20.07% of females and 21.99% of males would use it for career building.
iv. 15.68% of females and 15.25% of males would use social media to explore passions.
v. 9.24% of females and 8.50% of males find having one free hour at work unrealistic
Health-Related Uncertainties:
i. 59.81% of females and 62.88% of males worry about serious illness or injury.
ii. 55.62% of females and 54.23% of males are concerned about access to healthcare services.
iii. 53.42% of females and 56.00% of males have mental health concerns.
iv. 40.54% of females and 38.39% of males worry about genetic predispositions to diseases.
v. 39.04% of females and 36.28% of males are concerned about aging-related health issues.
The A-Nishchit Index 2024 offers valuable insights for policymakers, businesses, and individuals as they navigate an increasingly complex and unpredictable economic landscape.
