Indians Second Most Confident of their Personal Financial Future
Date: Wednesday , February 01, 2012
Indian consumer remains the second most confident in their personal finances looking forward. This was pointed out in the Emerging Consumer Survey 2011, conducted by the Credit Suisse Research Institutes. The survey was a detailed study of consumer sentiment within the BRIC nations (Brazil, Russia, India and China), Turkey, Saudi Arabia, Egypt and Indonesia. The survey took data from just over 14,000 adults, including more than 2500 interviews from both China and India and more than 1,500 from each of the other six countries.
India is trailing Brazil in the same; the Brazilian consumer is expecting one of the highest rates of household income growth, with the majority expecting increases in excess of 10 percent, or around five percent in real terms. Just after India comes China. The survey also spotted that 70 percent of Indian respondents have no computers in the home and only 19 percent of them register having access to the internet.
India is also showing increasing interest in educational spending. 32 percent of the respondents showed interest in giving their children education outside of typical schooling; last year the same stood at 23 percent. Also the percent of adult participation in extra courses has risen from 3 percent to 12 percent, showing a newborn interest in education in the country. The survey indicates that India has the highest bank account penetration and the fewest number of people claiming they have no extra money for saving. The life insurance industry (via tax incentives) and real assets such as gold and property substitute as the main non-cash savings for Indians.