Due to Covid, 75% Indians have increased savings, investments since Jan 2021: Survey

Due to novel coronavirus, Indians are most worried about rising medical costs, instability of jobs, economic slowdown etc.

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Indians are building financial immunity by getting vaccinated, accumulating emegency funds etc.
Four out of five Indians feel insurance is an extremely important aspect of overall financial planning, finds SBI Life’s Financial Immunity Survey.

What worries Indians most today?
  • Rising medical costs
  • Instability of jobs
  • Concerns around health of self and family members
  • Economic slowdown
  • Mental health due to increased workload
  • Loss of life during pandemic
  • Inadequate insurance
  • Inflation
What does financial immunity mean to Indians?
  • 57% think it’s the ability to maintain financial security and stability
  • 48% say it means earning income from multiple sources
  • 43% equate it with having a secure job or business
  • 36% think it’s the ability to generate income in the pandemic
  • 36% feel it means living independently without relying on loans
  • 35% say it is the ability to live one’s dreams without compromising on responsibilities
How has covid impacted financial lives of Indians?

CS-1

What are the milestones most impacted?
  • 41% feel ability to save and accumulate wealth hit
  • 37% have seen domestic and international travel plans jeopardized
  • 29% think it affected providing for kids’ education
  • 27% could not start own business or venture
  • 26% have had to put off buying durables and gadgets
  • 24% have deferred buying a car
  • 23% have postponed plans to buy a home
  • 18% have had plans for self or child’s marriage affected
  • 12% have had retirement plans threatened
How are people tackling impact of pandemic on income?
CS-2

How are Indians building financial immunity?
  • 68% have got vaccinated
  • 56% have accumulated emergency funds
  • 53% bought health insurance policy
  • 53% bought life insurance policy
Base: 4,891

How have attitudes towards savings and investments changed?

CS-3

How has covid changed attitude towards insurance?
CS-4
Source: SBI Life Financial Immunity Survey 2.0 in collaboration with Nielsen IQ (India Pvt Ltd). The survey covered 5,000 respondents.
Photos: Getty Images

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