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Despite detailed financial planning, over 60% of Indians aged 35 to 54 feel their savings are insufficient to secure their future, according to a recent YouGov study. The research focused on individuals who financially support both their ageing parents and growing children, commonly referred to as the "Sandwich Generation."
Key Findings of the Study
Feeling Financially Insecure
- 94% of respondents have a financial plan, yet over half feel they are falling behind.
- 60% believe that no matter how much they save or invest, it’s never enough.
- 79% worry about funding their long-term goals, relying on investment returns rather than secure savings.
High Reliance on Credit & Savings Depletion
- 64% use credit to fund short-term aspirations.
- 49% rely on savings, while 47% use future income to meet expenses.
- Many respondents have used loans and credit to cover essential needs (healthcare, education) and personal desires (vacations, home renovations).
Concerns About Running Out of Money
- The rising cost of living, increasing medical expenses, and financial responsibilities leave many feeling financially stretched.
- Despite careful planning, the pressure of managing both parents' and children's needs makes long-term security uncertain.
The ‘Sandwich Generation’ Struggle
Sumit Rai, MD & CEO of Edelweiss Life Insurance, shared insights into the challenges faced by the Sandwich Generation:
“We have seen how individuals in this group struggle to balance the financial needs of their parents and children. They aim to support essentials like healthcare and education while maintaining an aspirational lifestyle, ensuring 'needs' aren’t sacrificed for 'wants'.”
With rising financial responsibilities and increasing reliance on credit, it’s clear that many Indians feel unprepared for the future, despite proactive financial planning. Addressing these concerns through better investment strategies, financial education, and secure savings plans is essential for long-term stability.
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