A recent survey conducted by Aditya Birla Sun Life Insurance (ABSLI) as part of the ABSLI Anishchit Index 2024 has shed light on how Coimbatore’s residents are responding to financial uncertainty.
The findings show a strong focus on proactive financial planning, with 98% of respondents anticipating high or very high levels of financial uncertainty over the next five years.
This expectation has led many to adopt measures such as diversifying investments, securing insurance, and building emergency savings.
The study highlights that 91% of respondents maintain savings accounts for emergencies, and 90% have taken out insurance policies to safeguard against financial risks. Additionally, 67% have invested in stocks and mutual funds to mitigate uncertainty, while 80% hold life insurance policies.
This indicates a commitment to long-term financial security, with residents prioritizing both short-term and long-term planning in their approach.
Coimbatore residents are also opting for stability in their investments, with 91% favouring steady, dependable options that offer reliable returns, even if lower. Moreover, 85% have diversified their portfolios into traditional assets like gold and real estate, and 85% prefer long-term investments, reflecting a cautious yet forward-thinking approach to financial growth amidst uncertain times.
Health and wellness are key components of how residents manage uncertainty, with 74% engaging in activities like cooking, self-care, and proper sleep to alleviate stress. Concerns about healthcare access and serious illness also weigh on residents’ minds, with 74% expressing worries about healthcare services and 70% about health-related financial risks.
The findings offer valuable insights for policymakers, financial institutions, and businesses in Coimbatore. The data underscores the need for products and services that support long-term financial stability and risk management, as residents are actively seeking solutions that help them secure their financial futures in an unpredictable economic climate.
