Preeti Suvarna from Mumbai is a typical middle class urban Indian woman who loves shopping. With a salary that she terms adequate and the malls not too far away, the rest is history. Trouble starts when the credit card bills emerge.
According to the Financial Sufficiency Index (FSI) derived from the HDFC Life ValueNotes Life Freedom Index report, Indian urban women score 62.7 in financial sufficiency. While the figures seem impressive, there’s a catch — although, the urban woman follows a moderate level of financial discipline, she is not confident about the sufficiency of her plans in meeting immediate financial requirements.
“I do save every month, but that same amount or even more go towards paying my credit card bills. At times, I do manage with what I have, but if I want to keep up with latest trends, I am left with no other option,” Preeti says.
Preeti does follow a moderate level of financial discipline by saving an amount every month, but at the same time she is not confident about her financial plan will meet any financial emergency that arises. That’s when she swipes her credit card.
Financial Sufficiency Index (FSI) reflects the perception of urban women on the sufficiency of their financial plan to meet their recognized financial goals and immediate unexpected events that could occur in the span of two to three years. It also reflects how disciplined they are in adhering to their financial plans, which in turn affects the sufficiency of their financial plans.
The overall FSI level indicates that the Indian urban woman needs significant improvement to increase the sufficiency of their financial plans to meet their financial goals and responsibilities. Though the urban woman is disciplined in adhering to her financial plan, she continues to sense insufficiency in meeting her financial goals.
An Indian urban woman’s perception of the sufficiency of her plan is based on the foundation of weak financial planning. HDFC Life ValueNotes Life Freedom Index survey results highlight that almost all urban women appear to be generally confident about the sufficiency of their financial plans with 12% of them being extremely confident. However, majority of them have realized that there are some inconsistencies in their financial plans because of which they do not have adequate funds to meet their immediate financial needs. On the other hand, non-working urban women have a lower sense of financial sufficiency and independence than their working counterparts.
Ms. Padalkar joined HDFC Standard Life in August 2008 after a seven year stint as Executive Vice President-Finance at WNS Global Services, an NYSE listed leading global business process outsourcing company. Vibha's key achievement during her tenure at WNS was to lead a team that successfully completed the Group's IPO on the New York Stock Exchange in a short span of six months. Prior to WNS, Vibha was with Colgate Palmolive India.View Complete Profile
A critical aspect of a retirement plan is how and where to invest. The assets you choose to invest will vary depending on several factors, which include your risk tolerance and investment time horizon.
According to a study by the Insured Retirement Institute, only a few women consider becoming financial planners because they deem the job stressful and uninteresting. The time has come to stop relying on someone else for financial security. Financial planning is nothing but determining short and long-term financial goals, and creating a balance to meet these goals.
Swabhimaan Careers is one of HDFC Life’s strategic initiatives to build long-term customer relationships. The overall objective of insurance is to compensate the financial loss caused due to untimely death of a bread winner.
The Vision and the Mission continue to be relevant and set out aspirations for an organization. But the question that an organization needs to ask is how do they get there? Is it possible to define a 'decision architecture' that guides actions of each employee?
For millions of people in India, the concept of life insurance still remains a mystery. Thanks to the new media channels, more and more people are becoming aware of the significance of life insurance. For those, who wish to develop fundamental understanding of the concept of life insurance, here is a quick snapshot.
Consumer is king. With the shifting of focus on the goods and services reaching out to the consumer rather than the other way round, Mobile learning embodies just that, by taking training not just to the doorstep but also to the learner in person. Just as an individual is empowered to carry his office with him at all times, M Learning empowers him to carry his training program with him, shattering the barriers of space and time.
Reinsurance is an insurance that is purchased by an Insurance company from one or more other insurance companies to manage the risk. Reinsurance helps in transfer of risk from one insurance company to another. It is also called “insurance for insurers” or “stop-loss insurance”.Read More