Do you have Emergency Fund? India's money habits | Jagran Business- Watch Video

Indians' financial and social security situation is exceedingly poor. 75% of Indians, according to a report, lack emergency funds. In the event of an unexpected layoff, they don't even have enough cash to pay the loan's monthly amount. This data was obtained from a poll called "India's Money Habits" that was done by Finology. One in three respondents to the poll did not have either health insurance or an emergency fund. The fact that 29% of Indians reported spending their paycheck money within 15 days is significant. Only 25% of Indians, according to the poll, have enough money to cover emergencies.

According to the study, people are good at long-term planning for things like retirement, children's education, marriage, and old age medical costs, but they fall short when it comes to dealing with immediate difficulties. When faced with a catastrophe, such as an unexpected job loss or the start of a pandemic, Indians struggle to cope. This indicates that Indians are far behind in creating emergency funds. The term "emergency fund" refers to a reserve set aside for unforeseen losses. The report states that the situation of employed persons in terms of social security is not satisfactory. The cost of maintaining the household consumes a large portion of the wage.