Covid-19 has been altering personal finance behaviour of people, according to a survey. Covid-19 has served as a wake-up call for more than 80% of those surveyed, prompting them to get their personal finances in order and adjust their trajectory for improved financial health, the survey conducted by Scripbox to study investor behaviour and attitude, concluded.
Scripbox, a digital wealth management agency, held the event ahead of World Savings Day (October 31) to raise awareness about the importance of saving and investing, which can create a virtuous circle with lifelong advantages.
According to one-third of respondents, financial health and well-being have been the most stressful aspect of Covid-19, ahead of physical fitness and relationships.
Both men and women acknowledge the pandemic’s significance in changing their attitudes toward saving and investing. Almost 28% female respondents said they are smarter investors today than they were before the pandemic, whereas 26% males felt the same.
The activities taken by survey respondents demonstrate a positive change in personal finance behaviour.
-To enhance their financial health, 51% of respondents have started saving more than before, and 36% are investing more in asset creation.
-29% women have increased savings by cutting back on discretionary spending
-20% of respondents say they have a financial strategy in place to achieve their personal goals
-15% say they are seeking professional assistance with investing selections
-53% of survey participants say they put their extra cash in a savings account while 41% say they put it in a fixed deposit or recurring deposit.
-Mutual funds are the most popular investment option for 37% of respondents, followed by equities (24%), gold (24%), cryptocurrency (14%), and buying a home (14%).
-Creating an emergency fund is the most critical financial aim for both men and women in the current economic climate.
-While 34% of males chose healthcare as their next primary financial goal, 38% of women said they would instead save for their children’s education.
-Purchasing a home was one of the top financial goals for 29% of those polled.
“As the ongoing crisis makes people more aware of the importance of active financial management, a personalised financial planning approach that delivers on long-term goals, rather than on selling specific products will be the opportunity to connect with a highly engaged audience. Scripbox optimally combines technology and human advice and guidance to help make informed decisions that empower investors to pursue their best financial lives,” said Atul Shinghal, Founder and CEO at Scripbox.
Download Money9 App for the latest updates on Personal Finance.