A new study says that Indians are big dreamers but lack the spirit and strength to fulfill the financial goals

Indians dream big but fall back by a distance when it comes to planning finance for future, according to the Aviva Life Insurance's Aviva Plan India Plan Survey 2017.

The survey finds that Millenials are better at financial planning than the age group of 25-29 years in India who are most aware of financial investments. Millennials scored 31 on Plan Index in contrast to an All India score of 24.

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The survey contains two indices: Dream Index which shows how Indians are aware of their life goals, and the Plan Index which shows how Indians plan financially towards achieving their life goals.

The Dream Index score for the topmost tier of Indians stands at 61, while the Plan Index score stands at a dismal 24. The survey clearly indicates that while Indians dream big, the real action plan to fulfill the dreams is poor.

Trevor Bull, Managing Director and Chief Executive Officer of Aviva Life Insurance, said that most Indians don’t have any concrete financial plans towards achieving their life goals.

The survey also indicated that women are quickly catching up with men on financial awareness and planning.

Anjali Malhotra, the Chief Customer Digital & Marketing Officer of Aviva Life Insurance, says that Indians lack the rigor to create rich financial plans for their life goals, which they consider dear to our heart. 

This study is a first step in assessing the gaps in financial planning and its achievement.