Covid-19 has prompted rich Indians to become more future-focused when resetting their priorities. As per Standard Chartered’s Wealth Expectancy Report 2021, nearly a half (42%) of affluent Indians have set the goal 'to improve their health' and 39% want to be 'financially prepared for major life changes' like having a child or moving abroad. A similar number of respondents (37%) have set a goal to set aside more money for their children's future.
The survey reveals that 94% of affluent Indians have reset their life goals post the pandemic.
"To meet these new goals, the affluent need new strategies to grow their wealth, which often involves more proactive investment rather than just saving cash," the report stated.
'33% yet to start saving for retirement'
According to the report, a large number of affluent Indians are at the risk of facing monetary shortfall post retirement. "A late start to retirement planning, combined with the pandemic-induced confidence gap, leaves a significant proportion of affluent consumers at risk of a shortfall for their retirement," the report noted.
The survey found that 33% of ‘working respondents’ are yet to start saving for retirement.
Emerging affluent face 'confidence gap'
Half (50%) of the emerging affluent who participated in the survey said they are now less confident about achieving their life goals. The percentage was lower at 41% for high net worth individuals.
"The report reveals that nearly half of the respondents feel less confident about their finances despite having taken some action related to it in the last year. Professional assistance can help consumers address this lack of confidence," said Samrat Khosla, Managing Director and Head of Wealth, Standard Chartered Bank, India.
