The survey has been done on the basis of four points.
About 80 per cent of the people do not know what the assets and liabilities are with their spouse. This was revealed in a survey conducted by currency portfolio managers. Mudra Portfolio Managers is a global leading NRI and NHI financial services management company headquartered in Mumbai. Apart from this, some more shocking revelations came out in the survey that 89 per cent of the people never consolidated their finances and 73 per cent of the people surveyed never assessed their income expenses.
The survey was conducted among about 900 high net worth individuals (HNIs), non-resident Indians (NRIs) and Indian retail clients in India, Africa (Kenya and Nigeria), Singapore, Malaysia and the Middle East (Dubai, Abu Dhabi and Kuwait). .
Survey conducted on the basis of four points
The survey was a part of Mudra’s investor awareness program. Mudra started the Consolidation Activity primarily with four points defined as detailed analysis of income and expenditure, financial risk assessment, assets allocation and liquidity and ease of access and consolidation of finance. This activity lasted for about 10 weeks. The goal of this survey was to let people know about their current financial situation.
- The survey revealed that 65 percent of the people were saving less than 20 percent of their salary and 80 percent of them said that they used to spend 15-20 percent of their salary on such things which could be saved. . This trend was highest among those with an annual salary of less than 50 lakhs. For people with an annual income of less than 30 lakhs, the ratio of investment and savings was 0.65 while for those with an income of 30 lakh or more, it was 0.38 because they thought it appropriate to keep the money in the accounts instead of investing. This means that high-income people do not have the habit of investing regularly.
- In the Financial Risk Assessment, it was found that 71 percent of the people surveyed have only the same policy in the name of health insurance that they have received from the company. Apart from this, 88 percent of the parents have no health insurance and 80 percent of the surveyed families do not know about their insurance cover.
- Another fact revealed in the survey is that 79 percent of the people involved in the survey have very low insurance cover and 35 percent of the people have no term plan. 32 per cent of the people feel that their life is insured but they have less than 30 lakh cover. The families of more than 75 percent people do not know about the details of insurance cover.
- Assessment of Assets and Liabilities found that 90 per cent of the people have funds equal to six months salary for contingency needs. 70 per cent of the people, who have bought the property within 2-3 years, have a contingency fund equal to 9 months of annual income in the form of liquidity. More than 70 percent people are doing loan repayments rather than maintaining liquidity or investing and 78 percent people do not have special assets allocation.
- Talking about the consolidation of finance, 89 percent of people never did financial consolidation. The spouse of 80 per cent of the people has no information about the assets or liabilities, including their spouse account details. Apart from this, proper nomination has not been done in 54 per cent cases. Apart from this, during this activity it was revealed that 35 per cent of the people had forgotten about their small investment which they had made a long time ago.
People from many countries included in the survey
The survey was conducted among about 900 HNIs, NRIs and Indian retail clients in India, Africa (Kenya and Nigeria), Singapore, Malaysia and the Middle East (Dubai, Abu Dhabi and Kuwait). In this activity, 40 per cent were HNIs, 35 per cent NRIs and 25 retail clients. The annual income of 60 per cent of the people involved in the survey was more than 30 lakhs, 30 per cent of the people had income of 10-30 lakhs and 10 per cent of the people had annual income of 10 lakhs.
Survey conducted to spread investment awareness
According to Nishant Kohli, founder, director and business head-wealth of currency portfolio managers, most people started focusing on their financial portfolio due to the uncertainty caused by the Corona epidemic, which had never been their focus before. The purpose of the activity that Mudra started was that people should be aware of self-analysis of their finance. Through this activity, all people were helped to find some unanswered questions such as whether their savings are sufficient or whether they have any contingency plan or whether their expenses are more than required or where their investment is, such This activity was started to spread awareness among them about the questions.