99.9% in Chennai feel financially insecure

If the following financial express report is a true statement, we sound like a thoroughly insecure lot in this city. It is not surprising to find that 69% of conservative Chennai people restrict their deposits to their banks, but, more surprising that 12% retain their savings in their homes! No wonder, robbery in Chennai is high. It would be interesting to see how much of this 12% come from the elite class.

CHENNAI, JUNE 25: A recent survey revealed that 99.9 per cent of households in Chennai believe they are financially at risk due to ineffective saving habits and misplaced financial optimism.

Almost every household in the city felt that they could not survive for more than one year on their current savings in case of loss of major source of household income, said the survey findings.

The study was jointly undertaken by the National Council of Applied Economic Research (NCAER) and Max New York Life Insurance Company Limited on 'How financially protected are Indian households' by assessing how India earns, spends and saves.

As per the survey findings pertaining to Chennai and rest of Tamil Nadu (RoT), 38 per cent households in RoT and 12 per cent households in Chennai keep their savings at home.

46 per cent of households in RoT and 69 per cent in Chennai prefer to deposit their savings in banks.

Though a large percentage of households were saving in banks, they were not investing in high yielding investment tools, it said.