A recent survey conducted by Aditya Birla Sun Life Insurance (ABSLI) as part of the ABSLI Anishchit Index 2024 reveals that Madurai’s residents are adopting a careful and proactive approach to financial planning in the face of growing economic uncertainty. The study shows that 98% of respondents expect high or very high levels of financial uncertainty over the next five years, prompting many to focus on securing their future through a combination of diversified investments, insurance, and savings strategies.
The ABSLI Anishchit Index 2024 highlights that 68% of respondents have turned to stocks and mutual funds to mitigate financial risks, while 90% maintain savings accounts for emergencies. Insurance is also a key component of their financial safety net, with 88% holding policies to guard against uncertainties, and 79% possessing life insurance for long-term security. This emphasis on preparedness reflects a clear commitment to minimizing risks despite the challenging economic outlook.
Madurai residents are also favouring stable, dependable investments, with 92% opting for investments that offer steady returns, even if lower. Furthermore, 85% are diversifying their portfolios with traditional assets like gold and real estate, while 84% focus on long-term investments, demonstrating a strategy aimed at sustainable financial growth.
Health and wellness also play a crucial role in how Madurai residents manage uncertainty. The ABSLI Anishchit Index 2024 found that 75% prioritize health and wellness activities such as cooking, self-care, and proper sleep to manage stress, while 71% worry about potential health issues and access to healthcare services. These findings indicate that residents are not only focused on their financial well-being but also on maintaining their physical and mental health during uncertain times.
As businesses and job markets face challenges, 50% of salaried individuals expressed confidence in their job stability, while an impressive 97% of business owners and self-employed individuals remain optimistic about their growth prospects. The survey also revealed that nearly half of the respondents (48%) did not inherit financial habits from their parents, learning financial management independently, often through experience or higher education.
These insights reflect a city population that is cautious yet proactive in securing their financial futures. The findings offer valuable direction for policymakers, financial institutions, and businesses in Madurai, emphasizing the need for products and services that support long-term financial stability and effective risk management.