Mumbai, February 11, 2015: Principal Retirement Advisors (India), part of the Principal Financial Group® USA, has released the second edition of the Principal Financial Well Being Index in India. The study, conducted across 11 cities including Tier I & Tier II cities along with its research partner – Nielsen Company, aims to gauge the financial well-being of Indian households / employees.
The Financial Well-Being Index is a very important initiative of the Principal Financial Group and it is currently in its 13th year running in the US. For the past decade and more, the Well-being Index has served as an important source of insights into the American household’s perception & concerns with respect to their own financial well-being and hence has become popular and been widely followed.
In India too, the research was initiated with a similar objective and the study has managed to capture the perceptions and concerns of the Indian Households about the economy, household spending, savings and investment attitude and other related trends. The Well Being Index also touches upon Indian’s perceptions and attitude towards financial planning, retirement planning, employee benefits and availing the services of financial advisors.
Mr. Rajan Ghotgalkar, Country Head – India, Principal International said, “It is exciting as well as encouraging to see the optimism in Indians, reaching a new high as we enter 2015. While the sentiment is upbeat, it is very crucial for households to continue focusing on taking concrete steps towards building their financial future. The Well-Being Index is a source of some very useful insights on how we perceive & feel about our economy and our finances. We hope this will help all the stakeholders to collectively educate and empower investors”
According to the study, some of the major findings are summarized below:
Perceptions & Concerns about the Economy in general
Household Spending, Savings & Investments
Holiday Plan: 59% people say they are not planning a holiday in 2015. The number has decreased from 73% in the last year.
Festivity spending: 62% people say they will spend the same amount as last year in the upcoming festivities
Planning for Unexpected Expenses/ emergencies: Redeeming investments/savings, borrowing from friends or family, selling property still continue to be the top avenues for coping with unexpected expenses. Only 28% said that they had some kind of emergency corpus available
Household Savings & Investments Satisfaction levels:
Financial Priorities & Attitude towards finances: Overall respondents feel that they are financially prepared for retirement showing an increase in savings and investments. Children’s Goals & Buying a House are the top financial priorities across all the age-groups.
Availing services of Financial Advisors
Retirement planning: attitude & perceptions
Employee benefits & satisfaction levels
The Principal Financial Well Being Index - US
The Principal Financial Well-Being Index is a very important initiative of the Principal Financial Group (PFG) in the US and is currently in its 13th year running. PFG, as champions of Financial Well Being, started the Well Being Index with an aim to keep a finger on the pulse of the financial well- being of American workers. It is a quarterly survey conducted in the US along with its research partner Harris- Interactive. Through the Well Being Index, the Principal, not only gauges the Financial Well-being of American workers but also focus on the concerns, attitudes and behaviors of people as it related to the topics of financial security.
The Principal Financial Well Being Index – India
Principal Retirement Advisors Pvt. Ltd., part of the Principal Financial Group, conducts the Well Being Index study in India with an aim to gauge the financial well-being of Indian workers. The study has been conducted along with its research partner – Nielsen Company and this is the second year of the study.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $517.9 billion in assets under management and serves some 19.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
About Principal Retirement Advisors
Principal Retirement Advisors (PRA) is India’s first dedicated retirement solutions specialist, bringing over 65 years of experience of the Principal Financial Group in retirement planning in the United States and other global markets. PRA offers personalized financial advisory services to individual clients to address their various life stage needs leading upto a financially secured and independent retirement. Besides Advisory services, the offerings include investment execution, insurance, estate planning etc.
PRA is SEBI registered Investment Adviser. Headquartered in Mumbai, the company has offices in Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Chandigarh, Jaipur and Lucknow.
Research Design & Methodology
The research has been conducted in 11 cities with a total sample size of 1585 respondents
Cities: Ahmedabad, Bengaluru, Chennai, Chandigarh, Delhi, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, Pune
Type of Study: Quantitative research conducted using a structured questionnaire in a CAPI (Computer Aided Personal Interview) format.
( Mutual Fund investments are subject to market risks, read all scheme related documents carefully.)
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