While uncertainty has increased in the rest of the country, Chennai is one of the few places where it has dipped drastically from 92% in 2017 to 77% in 2018, as per a recent survey. This reduction in uncertainty can be attributed to stable socio-political conditions, a heighted focus on individualistic concerns and an increase in no. of financial products invested from average 5.2 products per person in 2017 to average 6.7 products per person in 2018, said Aditya Birla Sun Life Insurance’s Protection Survey 2018.
With 77% respondents feeling that life is extremely uncertain, it is also lower than the national average of 84%. It said Chennai is the 3rd last market after Kolkatta and Patna in terms of uncertainty. More than 60% people feel life is more uncertain now compared to few years ago. However people feel more uncertain majorly due to instability of jobs and income, which is the highest followed by increasing health issues and cost related to it.
In Chennai, while ‘Self and Family’ remains the top reason for uncertainty at 91%, a staggering increase in uncertainty related to ‘Wealth & Savings’ have been witnessed in the Chennai respondents over a year from 66% in 2017 to 88% in 2018. Financial security of the family & fulfilling their dreams are the top reasons to feel uncertain in Chennai. People in Chennai show a steep increase in individualistic concerns related to retirement like maintaining standard of living, getting regular income etc.
