Indians on saving, remittance & seeking investment advice
Non-resident Indians around the world are doing well in terms of finances. Indian tend to save decent proportion of the money what they earn.
Last year Indians across the world sent home around 70 billion USD (2012-13). This year during Jan – July period remittance increased quite a lot as rupee has depreciated substantially.
A clear picture of what Non-resident Indians sent back home (remittance to India):
Remittance to India has constantly been increasing since 1990’s. Most of the NRI’s send back money home to their families and they think investing in India will give better returns than investing in any other nation.
A study was published in Gulf News a couple of months back which states:
(Study was conducted on 300 NRI’s in UAE by Standard Life)
Indian expats in UAE save upto 70% of their disposable income!
- 44 % of respondents depend on family members for financial advice
- 21 % choose NRI financial advisers
- 18 % rely on their bank
- 10% turn to non-NRI advisers
Indians don’t only save but they invest too. The one place where most of them make mistake is by not approaching a professional financial planner, this is clearly visible from the study conducted by Standard Life.
Whats your take on this?