However, fixed deposits continue to be more preferred by the 35-45 age bracket among the salaried class, compared to 54% in the 28-34 years age bracket and 47% in the 22-27-year-olds.
Mutual fund investments were highest in the East (67%), followed by North (65%) and West (62%).
Investment in low-return products such as endowment plans also remained high with close to 46% of respondents invested in them. Interestingly, 50% of men had invested in traditional insurance plans compared to 41% of women.
Surprisingly, cryptocurrency also pipped public provident funds as a choice of investment.
At least 32% of respondents revealed they had invested in cryptocurrencies while only 31% had invested through the provident fund route.
Women taking lead
The survey revealed that women are saving more actively than usually perceived. More women hold mutual fund investments compared to men – almost 60% of women have SIPs running against 55% of men.
About 54% of women have FDs compared with 53% of men.
The percentage of men, however, investing directly in stocks is much higher than women.
About 34% of women have crypto investments compared to 30% of men.
Rainy day concerns: Why Indians are saving?
Post Covid, concern for emergencies such as hospitalisations was the main reason to save across the board. This was closely followed by children’s well-being and inheritance. Retirement, interestingly came a distant fourth.
Women are more aggressive when it comes to saving for retirement, with 60% of women planning for their retirement compared to 52% of men.
More than 60% of respondents said they had a retirement corpus. This is strongly skewed in favour of women, with 68% of women working towards a corpus compared with 54% of men.
Overall, only 44% of them are working towards a corpus of Rs 1 crore or more, and less then 16% are targeting Rs 2 crore or more. The bulk of the respondents (56%) have a target corpus of less than Rs 1 crore, with 35% in the Rs 25-75 lakh bracket.
About 48% of women have a target corpus of Rs 1 crore or more compared with 40% men. However, only 15% of women have an average target corpus size of Rs 2 crore or more compared to 18% of men.
The survey also showed that insurance penetration is very high among the salaried class. Only 3% have no health or life insurance.
About 43% of respondents have both health and life insurance and 39% have life insurance without a health cover.