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41% of survey respondents admit that their primary financial objective at the moment is to create a financial plan.

‘Enough is enough,’ and it’s time to end passive financial planning in favour of decisive action, Indians believe, according to the findings of Scripbox’s third annual Financial Freedom Survey. Each year, ahead of Independence Day, Scripbox which is a digital wealth management company conducts a study to gauge Indians’ financial outlook in general and their personal financial preparedness to achieve ‘independence’ from financial troubles.

One in every three Indians plans to seek expert financial advice and prioritise developing a financial strategy that would assist them in achieving long-term life goals. One in every two people thinks they will do so by switching to a digital platform to improve their personal financial management results.  Additionally, the study demonstrates increased investing maturity, with the majority of respondents remaining invested despite market volatility throughout the epidemic.

41% of survey respondents admit that their primary financial objective at the moment is to create a financial plan. 31% said they would prioritise retirement savings. The primary financial objective last year was to establish an emergency fund.

The critical nature of having a financial plan in place to accomplish long-term life goals becomes both a priority and a regret. Over 30% of study respondents identified this as their primary investment failure, followed by a lack of savings (25%).

51% of respondents to the study said they would use a digital investment platform, while 41% say they would also consult a personal financial counselor to assist them to get effective management of their finances and develop financial discipline.

“There are three key tenets to growing wealth. The first is to save regularly, then to invest that saving with a purpose on the basis of a plan, and monitor progress against that plan systematically. This journey is best navigated with the help of an expert by your side. This year’s survey clearly indicates that this is what Indians are seeking, someone to help them with their financial planning.” said Atul Shinghal, Founder & CEO of Scripbox. This year’s survey was conducted with 1000+ adults across the country.

Key findings

-Covid-19 serves as a wake-up call as it motivates Indians to take action in financial planning.

– 1 in every three surveyed will seek professional financial advice to help undo passive financial planning

– 41% say their most important financial goal is to build a plan, and not having one emerges as the number one investment mistake

– Despite market volatility, 60% of investors remained invested during Covid-19, indicating an increasing maturity in investment practices.

– Mutual funds and stocks are the most chosen financial instruments to invest in.