Four out of ten Indians need professional help of MFDs and advisors to manage their finances and build discipline in financial matters, reveals an online survey conducted by Scripbox tilted Financial Freedom Survey.
Further, while 41% of survey respondents say that their most important financial goal right now is to build a financial plan, 31% say they will prioritise saving for retirement. The top financial goal last year was to build an emergency corpus.
The survey says that respondents have exhibited maturity through their actions during the pandemic. 60% respondents say they continued to stay invested while 38% of these said they also increased their investments irrespective of market volatility during the pandemic. Mutual funds continue to be the most preferred financial instrument to invest followed by stocks and fixed deposits.
The survey polled over 1000 adults in an all India survey. The majority of respondents 89% are in the age bracket of 34-55 years.
Other key findings:
- Covid-19 served as a wake up call; spurred Indians to take action in financial planning
- 1 of every 3 surveyed will seek professional financial advice to help undo passive financial planning
- 41% say their most important financial goal is to build a plan, a 1.5X increase from last year. Not having one, emerges as the # 1 investment mistake
- Mutual funds and stocks are most preferred financial instruments to invest
- 51% of all survey respondents say they would turn to a digital investment platform to manage their finances
