Bengaluru leads in financial literacy in India

Bengaluru leads in financial literacy in terms of ambitions and planning, a study by life insurance company Aviva India has found.

The study titled ‘Aviva Plan India Plan’ gives the highest index rating of 43 to the garden city, followed by Hyderabad (38). Out of the eight cities surveyed, Ahmedabad and Patna are at the bottom of the rung with index scores of 11 and nine, respectively.

When it comes to frequency of accessing financial information on digital modes, though Bengaluru leads the way, Patna on the other hand seems to be catching up fast. While 38% of respondents from Bengaluru said that they use digital modes for information at least once a day, 25% of respondents from Patna said that they use digital mode for financial information at least once a day.

The study revealed that 81% of Indian parents do not even know the cost of higher education in the future, while 71% of parents in India are willing to go into debt to fund their child’s university or higher education.

In a dismal finding for insurance companies nationally, the study states that insurance penetration in India is very low at 3.44%.

The study was carried out across eight major cities — Bengaluru, Delhi, Mumbai, Kolkata, Patna, Jaipur, Hyderabad and Ahmedabad — with a sample size of 1,115 respondents from Socio-Economic Class (SEC) A and SEC B. SEC A and B that constitute 34% of the population in these eight cities, make up the upper-most segment of the consuming class.

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