Nuclear families got hit more severely than joint families due to Covid-19, finds a study by HDFC Life Insurance Company Ltd.
Private life insurer HDFC Life said on Monday that the Covid-19 pandemic has resulted in a drop of 4.8 points in 2021 Life Freedom Index (LFI) as compared to 2019.
As per HDFC Life’s study, consumer confidence has been low post the two waves of Covid-19, and current financial plans seem inadequate. Hence, the most significant drop is observed in the financial sufficiency and adequacy index.
The insurer said that LFI enables the measurement of ‘financial freedom’ of consumers across four key segments: Proud parents, wisdom investors, young aspirants and smart women.
It includes four sub-indices: Financial Awareness Index, Financial Planning Index, Financial Sufficiency and Adequacy Index, and Financial Liberty Index.
The latest 2021 LFI study was conducted along with NielsenIQ across 14 cities with 1,987 respondents.
Source: IANS