Aditya Birla Sun Life Insurance (ABSLI) has released its Anishchit Index 2024, offering insights into financial sentiments and preparedness across India. The report highlights Bhubaneswar’s unique position in managing financial uncertainty, with some areas of strength and others needing improvement compared to national averages.
High Awareness of Financial Challenges
The survey reveals that 91% of Bhubaneswar respondents anticipate a high level of financial uncertainty over the next five years, slightly higher than the national average of 88%. This indicates a heightened awareness of potential financial challenges in the city.
Strong Insurance Adoption, Room for Improvement in Planning
Bhubaneswar shows mixed results in financial planning practices. 50% of respondents strongly agree that consulting with experts every 1-2 years is crucial to limit financial uncertainty, significantly higher than the 37% national average. Moreover, 26% of Bhubaneswar residents engage in monthly financial reviews, compared to 15% nationally, suggesting room for more frequent financial assessments.
Regarding financial instruments, Bhubaneswar residents demonstrate a strong inclination towards certain safeguards. 75% have taken out insurance policies, specifically in life insurance coverage, with 81% holding policies compared to 68% nationally.
Balanced Health Concerns
The survey highlights Bhubaneswar’s balanced approach to health-related uncertainties. 63% of respondents express concerns about serious illnesses or injuries, aligning closely with the national average of 62%. Mental health concerns are slightly lower in Bhubaneswar at 49%, compared to 55% nationally.
Coping Mechanisms
Bhubaneswar residents exhibit diverse strategies for managing financial uncertainty. 69% seek advice from friends and family, higher than the national figure of 63%. Additionally, 45% engage in hobbies and activities to cope, slightly lower than the 55% national average.
High Work Pressure, Strong Job Confidence
The survey reveals that 40% of Bhubaneswar respondents have packed schedules with urgent deadlines higher than the national average of 26%. This suggests a more demanding work environment in the city.
Despite these challenges, Bhubaneswar residents show resilience in their career outlook. 70% are confident or very confident in their current job stability, compared to the national average of 62%.
