Majority of Indians wish to up savings in six months: Survey

An increasing number of Indians want to increase their savings in the next six months to meet retirement goals and to build up emergency funds, a survey has revealed.

"Over, 50 per cent of Indian respondents plan to increase savings in the next six months," according to a survey by HSBC Asian Insurance Monitor.

The survey noted that Indians will continue to rely on savings to meet retirement goals and build up emergency funds.

"People are feeling the pressure to save more in an era where people are living longer, supporting extended families and coping with escalating medical costs," HSBC Holdings Group General Manager and Group Head of Insurance David Fried said.

The HSBC Asian Insurance Monitor, which surveyed 3,563 individuals in seven countries, found that on an average Indians save around a third (34 per cent) of their monthly income in financial services - pensions, savings in banks, insurance and investments in stocks and mutual funds.

This practice held the Indian economy steady during the recent financial crisis, Fried added.

Across the region, Asians are allocating between a quarter (Malaysia, 25 per cent) to close to half (China, 45 per cent) of their monthly income for financial services.

The survey found that in India, 51 per cent of the respondents said saving regularly through a monthly installment plan is the priority savings strategy in the next six months.