Covid-19 Has Driven Indians to do Proactive Financial Planning: Max Life Survey

As much as 83 per cent respondents said the ongoing situation demands them to be more proactive about their financial planning

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Covid-19 has disrupted everyone’s daily lives. But, on the flipside, the pandemic and the ensuing lockdown has also driven people to proactively engage in matters that most ignored otherwise. Financial planning is one such task that people have taken charge of head on, shows a survey by Max Life Insurance.

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As much as 83 per cent respondents said the ongoing situation demands them to be more proactive about their financial planning. Interestingly, tier 1 cities feel more financially secure compared to metro cities, as per the survey findings.

Among other things, active safety and change in habits are the key attitudes emerging in the ongoing Covid-19 pandemic, the survey reveals. As lockdown has curbed spending avenues, more and more Indians are directing their salaries towards saving for future financial goals.

Paycuts and layoffs are also one of the major objectives for people to save more. In fact, for about 41 per cent respondents, covid-19 has acted as a catalyst to buy term insurance to financially protect their family’s future.

While realisation of Covid-19 pandemic has prompted Indians to prepare better for their financial future, majority Indian are anxious and do not feel secure. 49 per cent reported to feel financially secure and prepared in light of current COVID spread, as per the survey.

Shipra Singh

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Entrepreneur Staff

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.