A recent international report revealed key details on how the mindset of Indians is. And how they behave in money matters. Indians who have a sure plan in scheduled expenses compared to others lack in one aspect and they are poor in this matter. The report said that Indians have a plan for pre-planning children's education, marriages, settling them, and retirement plans. Indians are good with such things and planning how much money should be spent.
However, Indians have no plan for unexpected situations, and in such situations, they have a poor plan. Personal Finance platform Finology conducted the study which is titled âFinology Indian Money Habits'. Only 25 percent are ready to face unexpected situations like falling ill, losing a job, and facing a pandemic like Corona. 75 percent of people have no plans in facing such issues.
They don't have any foresight in planning Emergency fund planning. The report advised people to save a certain amount as an emergency fund. Let us see what aspects were mentioned in the report.
-Many people in India consider their parents, friends and well wishes as emergency funds.
-In situations like losing their job and facing health issues, they are unable to face the EMIs for the loans they have already taken.
- One in every three people has no health insurance or emergency fund.
-29 percent of people spend their salaries in just 15 days.
However, Indians have no plan for unexpected situations, and in such situations, they have a poor plan. Personal Finance platform Finology conducted the study which is titled âFinology Indian Money Habits'. Only 25 percent are ready to face unexpected situations like falling ill, losing a job, and facing a pandemic like Corona. 75 percent of people have no plans in facing such issues.
They don't have any foresight in planning Emergency fund planning. The report advised people to save a certain amount as an emergency fund. Let us see what aspects were mentioned in the report.
-Many people in India consider their parents, friends and well wishes as emergency funds.
-In situations like losing their job and facing health issues, they are unable to face the EMIs for the loans they have already taken.
- One in every three people has no health insurance or emergency fund.
-29 percent of people spend their salaries in just 15 days.