Financial and Physical Health Emerges as Top Stressors Amid Covid-19: Study
Image for representational purpose.
Financial and physical health has emerged as the top stressor for Indians ahead of relationship and family amid the Covid-19, according to a survey. Nine out of 10 Indians say financial health has a profound impact on their well-being, the survey by digital wealth management platform Scripbox revealed.
The survey on Wealth & Well-being’, aimed to understand investor behaviour and sentiment amid the coronavirus, was conducted ahead of World Savings Day celebrated on October 31. Amid the pandemic, Indians have been the most stressed because of their physical health (54 per cent) followed by financial health (46 per cent) ahead of family (28 per cent) and relationships (23 per cent), according to the findings.
Nearly 50 per cent save zero to 20 per cent, and 20 per cent save between 20 and 30 per cent of their income, the study said. ”Indians are also recklessly safe with their savings with a majority preferring fixed income products such as PPF, LIC and other tax-saving schemes, fixed and recurring deposits, or just letting it lie in their savings accounts. One in four respondents invest in mutual funds (MFs),” it said.
Compared to women, men view investments such as MFs and shares and stocks more favourably. Among men, two in three continued to stay invested in equity markets during the pandemic whereas less than one in three women respondents continued to do so.
Interestingly, millennials (those under 35 years of age) are far more likely to let their savings lie idle in their bank accounts than those over 35 years who would rather invest it, indicating maturity of understanding of financial planning, according to the survey. In the online survey, Scripbox said in a statement it polled 630-plus respondents.