Indians are big dreamers but lag by a distance when it comes to financial planning, according to the Aviva Plan India Plan Survey 2017 by Aviva Life Insurance.
The survey finds that millennials are better financial planners and Indians in the age group of 25-29 years are most aware about financial investments.
Millennials score 31 on Plan Index, compared to an All India score of 24.
The survey consists of two indices: Dream Index - how Indians are aware of their life goals, and the Plan Index - how Indians plan financially towards achieving their life goals.
The Dream Index for the topmost tier of Indians stands at 61, whilst the Plan Index stands at a dismal 24. The survey said this indicates that while Indians dream big, the real action planning with regards to ascertaining the fulfillment of the dreams is poor.
Trevor Bull, Managing Director and Chief Executive Officer of Aviva Life Insurance, said that most Indians don’t have any concrete financial plans towards achieving their life goals.
The survey said that women are catching up fast with men on financial awareness and planning.
Anjali Malhotra, Chief Customer Digital & Marketing Officer of Aviva Life Insurance, said that Indians lack the rigour to create robust financial plans for their life objectives, which they consider dear to our heart.
“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,” she added.