Principal Retirement Advisors launches Financial Well Being Index

77% expect an increase in the prices of groceries, fuel and other household items next year

Principal Retirement Advisors (India) on Thursday announced the launch of a Financial Well Being Index in India through a study conducted in partnership with the Nielsen Company.

The index is meant to capture the outlook about the ‘economy, household spending, savings and investment attitude,’ according to a statement it issued.

The study reported that 77% expect an increase in the prices of groceries, fuel and other household items in the next one year. Budgets are likely to be hit by an increase in prices for Food & Beverages and transportation, according to the study.

Luis Valdes, President, Principal International said that the index would help to better understand the financial issues affecting households.

”… the Well Being Index is very critical in our efforts to understand the financial needs of the people and then provide meaningful long term solutions. The research will be released annually and it will keep a pulse on the well-being of Indian households,” he said.  

Rajan Ghotgalkar, Country Head – India, Principal Financial Group suggested that the average Indian household is still cautious about the new year.

“Indian households are maintaining a cautious outlook as they approach 2014. But it is encouraging to see that a majority of them feel that they are in control of their financial situation and are making decent progress towards achieving their financial goals. The Principal Financial Well Being Index will provide unparalleled insights into how Indian households are managing personal money matters,” he said.