HDFC Life's Life Freedom Index 2024: Financial Confidence Rebounds in India

HDFC Life's 2024 Life Freedom Index (LFI) shows a 9-point increase, indicating improved financial confidence post-pandemic in India. The study underscores the role of life insurance and highlights the growing financial literacy among Tier 3 consumers and working women. LFI tracks financial planning across various life stages.

HDFC Life has unveiled the latest edition of its Life Freedom Index (LFI), revealing a significant 9-point rise in financial confidence among Indian consumers. This marks a notable bounce-back following the challenging pandemic period.

Conducted by NielsenIQ and spanning 2076 respondents across 15 cities, the study showcases growth across all sub-indices of financial planning, with a particular uptick in the Financial Planning and Financial Sufficiency & Adequacy indices. However, it also points out a need for improved financial awareness among consumers.

This year's edition highlights a positive shift in sustainability among Tier 3 consumers and working women, attributed to better financial access and educational advances. The report further reinforces life insurance as a critical component of personal financial strategy, with a 9.3-point rise in the Life Insurance Confidence Index.

(With inputs from agencies.)