Mumbai: Indians have better financial literacy levels than most others globally and rank second out of 10 leading nations in having a basic financial literacy level, a survey said.
“Indians turn out to be the second out of 10 leading nations in the world to have a basic financial literacy level (55%), just behind the Japanese, an ING Consumer Resourcefulness Survey, said.
A majority of Indian consumers have not only shown better skills in managing their household financial budget but are also confident of facing any financial impediments in future as compared to citizens of nine other countries, the survey said.
The survey was carried out amongst 5,000 consumers across ten major nations, including India, the USA, Mexico, The Netherlands, Romania, Poland, Belgium, Spain, Korea and Japan.
The survey shows that a whopping 84 per cent of Indians prefer buying life insurance products as compared to 54 per cent globally. A similar percentage of Indians believe in maintaining a household budget with a focus on savings.
“The survey shows that Indians are better at managing their finances than most of the other countries in the survey, including being better prepared for their various lifestages, especially retirement,” ING Life India’s Chief Marketing & Strategy Officer, Uco Vegter, said.