International Day Of Families 2023: Scripbox Survey Reveals 75% Of Indian Families Discuss Finances Together It is also noted that the primary reason (28%) people don't have investment discussions with their family is the lack of financial literacy
By Teena Jose
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Scripbox, India's leading digital wealth manager, released their findings on the changing mindset around financial awareness in Indian families, recently revealed that 75% of Indian families discuss finance together. Out of which, 64% of conversations on financial matters for people aged 35+, dwell on monthly budgeting and expenses, whereas new investments and big purchases account for 60% and 54%, respectively.
"In times of crisis, while our general tendency is to refrain from sharing, I would always advise to make the family aware and let them participate as family expenses are borne by all. While one or two people might be earning, making sure that the family is aware and in agreement of financial decisions helps us be better prepared for the future," said Atul Shinghal, founder and CEO of Scripbox.
Being asked on creating a financial plan together as a family, over 60% of those surveyed said that it leads to a better understanding of current finances, 58% said it increases the ability to meet financial goals together, and 51% believed that it promotes more trust and understanding among family members.
Though there are more family discussions happening on general financial matters, limitations still persist in making investment decisions. As per the survey, the younger couples (below 35) are more comfortable in discussing investments (47%), as compared to only 38% of older couples (above 35). Similar patterns are visible in terms of how often people speak of such investments. 60% of younger Indians (below 35), discuss regularly as compared to 42% above 35.
It is also noted that the primary reason (28%) people don't have investment discussions with their family is the lack of financial literacy. 26% of the respondents also cited their fear of judgment and criticism as a key factor.
Furthermore, around 60% of those surveyed, confirmed that their families are privy to details about their investments accounts, passwords, bank accounts and insurance policies. Also, around 60% of those surveyed, confirmed that their families are privy to details about their investments accounts, passwords, bank accounts and insurance policies, and around 80% of respondents above 35 believe they are well-equipped to ensure their family's well being.
