Page 3 - Financial Savings

Majority prefer banks deposits to park savings, 21% in gold, says Survey

The affinity of Indians for gold and traditional bank deposits remain unwavering as about 77 per cent of respondents preferred to safeguard their earnings through bank deposits and 21 per cent choose to invest in gold in 2023, according to a survey. The Money9 annual personal finance pulse survey indicated a positive trend in insurance penetration, with over 27 per cent of households holding life insurance policies in 2023, higher from 19 per cent in the 2022 survey. However, a 53 per cent of households still lack health insurance coverage, according to the survey, which is based on responses from over 35,000 households across 20 states. It further said that India's burgeoning stock market is gradually making its way into the pockets of investors, with the percentage of stock market investors surging from a mere 3 per cent to 9 per cent compared to the previous year. Additionally, 10 per cent of Indian families have now embraced mutual fund investments, up from 6 per cent in 2022.

With small & midcaps outperforming, direct more money to largecaps: Experts

Rebalancing by allocating more to an underperformer will help you avoid tax liabilities

Three financial planning mistakes experts make

Your financial plan should not be based on slogans or catchphrases. Instead, keep asking why till you agree with the rationale behind your plan

Savings stagnate for Indians in 2023, MFs pip FDs as top investment choice

Mutual funds are the number one investment choice for Indians, followed by fixed deposits. However, a majority still prefer to park their capital in savings bank accounts.

Changing saving habits

Those were the days of the Harshad Mehta scam. IPOs were oversubscribed by a large margin and getting allotment was like winning a lottery

In charts: It takes 15 months to build an emergency fund 3X your income

Consider exploring advanced wealth-creation strategies, diversify your investments, invest and save consistently, and stay informed about emerging financial trends.

Financial savings increased by 14% in absolute terms: RBI deputy guv Patra

Patra also mentioned that households are shifting from financial savings to physical savings

Statsguru: Six charts explain the cost of lower financial savings

Households are said to have borrowed more to increase consumption

Savings puzzle: Does the fall in financial savings show household distress?

The finance ministry thinks otherwise

Savings declined but resulted in rise in assets: SBI chief economist

Recovery in real estate, rise in property prices attracted savings

Why you should ditch the ULIP for a Term Insurance plus equity mutual fund

Most ULIPs show very high returns, which is the selling point. But they don't share that these returns are calculated without any charges.

Don't let idle cash sit in a savings account: Here's what you should do instead

One should use his savings account to park only temporary surpluses or to use the account for routing investments and meeting expenditures

Sort Your Financial Future by Opening a High-Interest Savings Account Today!

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3/4 of all Indian households are debt-free, 69% save in banking instruments

The survey covered over 40,000 households, both rural and urban from 25 states.

75% Indians don't have funds for emergencies: How to save and plan for it

Most thumb rules related to emergency fund planning state that you must have 6-9 months of your fixed monthly expenses saved away in an easily accessible and low risk asset class.

Senior citizen saving scheme vs bank FD: What is the right strategy for you

senior citizens with an investment horizon of 5 years, who are seeking regular income at quarterly intervals and/or wishing to save tax under Section 80C would find SCSS more attractive than bank FDs

How inadequate savings could jeopardise women's retirement planning

Not allocating adequately to equities, which can potentially beat inflation, is another error they must avoid

Most Indians see families' financial security top life goal: Survey

Career, travelling abroad and caring for ageing parents other important goals

FM announces savings scheme for women with 7.5% interest rate for 2 years

Union Finance Minister Nirmala Sitharaman Wednesday announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women. "We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members," she said. Financial assistance of more than Rs 2.25 lakh crore

At 4% of GDP, household financial savings touch 30-year low; consumption up

In FY22, savings stood at 7.3 per cent. This fall in savings indicates an increase in consumption