Khosla says Standard Chartered committed to help clients realise their financial life goals
There is a clear need for Indians to have a focused proactive investment strategy while balancing risk, according to Nakul Jain, Managing Director, Affluent Clients and Deposits, Standard Chartered Bank, India.
“The affluent are reassessing their priorities, and we hope this report raises awareness of some of the behavioural changes that affluent investors need to be aware of and the necessary actions to be taken,” said Jain on the release of a Standard Chartered survey on 26 Oct 2021.
“The recent pandemic has upended the sense of security for people, not just related to physical well-being but financial well-being as well,” said Jain.
“The report reveals that nearly half of the respondents feel less confident about their finances despite having taken some action related to it in the last year. Professional assistance can help consumers address this lack of confidence,” said Samrat Khosla, Managing Director and Head of Wealth, Standard Chartered Bank, India.
“We are committed to helping clients bridge this gap and realise their financial life goals by providing the right products, tools and information suited to their wealth needs.”
The three most common barriers being pursued by wealthy Indians were volatility in financial markets (30%), insufficient information about specific investment opportunities (28%) and the practical difficulties in shifting investment strategies (28%), according to a Standard Chartered’s survey.
Thirty-three per cent of the survey respondents have not started saving for retirement, yet 43% of the affluent in India anticipate depending on investment income in retirement. At the same time, 54% plan to retire before the age of 65 and in the last 18 months, 20% have set a new financial goal of retiring early. This shows a disconnect between current actions and future expectations, if a confidence gap is holding them back from investing.
In India, almost all (99%) of those who have taken five or more actions related to their finances in the last year are happy with their investment portfolio.
The survey into affluent (comprising emerging affluent, affluent and high net worth) consumers in 12 markets across Asia, Africa, the Middle East and UK, also revealed that in India, 94% have reset their life goals following the pandemic. #investment #banking #economy /fiinews.com
