10 October, 2023
Enhancing Quality of Life: How Professional Financial Planning Benefits 80% of Indian Consumers (FPSB Report 2023)
Financial planning has become increasingly important in today's uncertain economic landscape. With rising inflation, interest rates, and job uncertainties, Indian consumers are realizing the value of professional financial planning. The recent 'Value of Financial Planning Consumer Research' report by FPSB India sheds light on how financial planning has improved the quality of life for Indian consumers, particularly retirees. Let's explore the key findings of the report and understand why seeking professional financial advice is crucial in navigating complex financial challenges.
Improving Quality of Life:
According to the FPSB report, 80% of Indian consumers feel that professional financial planning has enhanced their quality of life. This indicates the positive impact of financial planning on individuals' overall financial well-being and their ability to achieve their life goals. Moreover, 75% of consumers reported feeling more confident about their finances after receiving professional financial advice.
Retirement Planning Success:
The study also highlights the outcome of financial planning for retired individuals. An impressive 91% of retirees who sought advice from a certified financial planner (CFP) expressed satisfaction, stating that they had enough money to last throughout their retirement period. This underscores the importance of seeking expert guidance to ensure a financially secure retirement.
Key Areas of Benefit:
The report identifies investment planning, wealth building, tax planning, and pension planning as the top categories where Indian consumers have benefited significantly from professional financial advisors. This emphasizes the importance of expert guidance in optimizing investment strategies, managing wealth, minimizing tax burdens, and ensuring a comfortable retirement.
Positive Impact on Women:
The survey conducted by FPSB India also highlights the positive impact of financial planning, especially budgeting, on women. Out of the 100 women surveyed, 81 recognized the benefits of managing budgets with professional advice compared to those who were not advised. This indicates that financial planning empowers women to take control of their finances and make informed decisions.
With challenges like high inflation, rising interest rates, and increased housing costs, the report's findings underscore the importance of seeking professional financial advice. By working with certified financial planners, Indian consumers can effectively navigate these complexities, protect their financial well-being, and work towards achieving their financial goals.
The FPSB India report highlights the positive impact of professional financial planning on Indian consumers. It reveals how financial planning improves the quality of life, provides retirement security, and empowers individuals to make informed financial decisions. With the complexities of the financial landscape, seeking expert guidance is essential for navigating challenges and maximizing financial well-being. By embracing financial planning, Indian consumers can secure a brighter financial future.