YouGov’s latest research reveals that ‘Savings’- either starting to save or increasing current savings is the top financial goal of more than a third of urban Indians (37%) in 2020.
‘Starting or increasing investment’ (28%) and ‘Securing self or family through insurance’ (22%) were ranked as the main goals by many followed by ‘Savings’.
Among the genders, a higher number of women than men categorised saving as their key target (42% vs 32%) while more men than women considered investment to be an important focus area (31% vs 24%) in the new year.
The data shows that there seems to be an eagerness among men and women to enhance their knowledge and educate themselves about the various financial tools. Half of those who said saving is their main goal for 2020 are likely to increase their knowledge about personal savings in order to meet their objective. The same is true for almost half (47%) of those who chose investment as their key target and around half (45%) of those who want to secure themselves or their family through insurance.
Thinking about the future, people seem optimistic about their finances. Two in five (40%) are more likely to say, “I’m financially better off now than I was a year ago” at the end of 2020. Those who chose savings as their financial goal for 2020 were most likely to say this.
An equal proportion (40%) believes their earning will increase in the future. Slightly less
than that (36%) think they will be financially more stable while even fewer (31%) hope to start saving for their child’s education.
Note: Data collected online by YouGov Omnibus among around 2023 respondents in India. Data is representative of the adult online population in the country.
