Over 50% Indians Feel Their Savings Won't Be Enough For Future: Study

It further states that more than 50 per cent of individuals in the 35-54 age group, who are financially responsible for both their ageing parents and growing children, worry about running out of money

Over half of Indians feel unprepared for their future, despite having a detailed financial plan or having made some level of financial arrangements, according to a recent report. The study, which focused on individuals aged 35 to 54 who financially support both their ageing parents and growing children, found that 60 per cent of respondents believe their savings are insufficient to secure their future.

According to the YouGov study, the respondents expressed that "no matter how much they save or invest, they feel like it's never enough for the future."

The study, which surveyed over 4,000 individuals across 12 cities in India, found that 94 per cent of respondents have either created a detailed financial plan or engaged in some level of financial planning.

It further revealed that more than 50 per cent of individuals in the 35-54 age group, who are financially responsible for both their ageing parents and growing children, worry about running out of money. Despite their efforts, they often feel they are falling behind and not doing well enough.

"They show high reliance on credit and also seem to be exhausting savings as well as income. 64 per cent fund their short-term aspirations via credit, 49 per cent savings, and 47 per cent regular future income," the study by YouGov and Edelweiss Life Insurance said.

The study also found that many respondents have relied on various forms of credit to meet both critical needs, such as healthcare and education, as well as personal desires like vacations and home renovations. Additionally, 79 per cent of individuals expressed concern about funding their long-term goals, as they expect to rely on returns or gains from financial instruments to achieve them, leaving their financial security for the future somewhat uncertain.

Sumit Rai, MD and CEO of Edelweiss Life Insurance shared, "Through our customer interactions over the years, we have closely seen how Sandwich Generation is living in a cycle of caring for their parents and children."

Rai explained that they aim to support the essentials, such as healthcare and education, while also ensuring an aspirational lifestyle where 'needs' are not sacrificed for 'wants'.