Unlocking Financial Health: Bridging the Advisory Gap in India

A recent PwC India survey highlights significant regional disparities in financial service utilization in India, with the East showing limited access to financial advice and the South boasting high digital service adoption. The report emphasizes designing financial products around real household needs and improving both access and engagement.

A new survey conducted by PwC India in partnership with Dvara Research Foundation reveals that 37% of households in India's East have never sought financial advice, while 23% sought but did not receive it. The survey underscores regional disparities in accessing formal financial services across the country.

While the East struggles with liquidity in emergencies, the South leads in digital financial service adoption. Yet, only 13% of financial advice comes from formal providers in the South, relying heavily on third-party and social networks for guidance. The report suggests this might impede sustainable financial health improvements.

Vivek Belgavi from PwC India notes India has made strides in financial access but stresses the need to redesign products to align with household cash flows. The report highlights that income volatility hinders financial well-being, while mixed channels of digital and physical engagement foster better usage and outcomes.