People’s Index on Savings Habits

With a one-of-its-kind initiative, Markelytics Solutions has launched PEISAH (People’s Index on Savings Habits) amongst the populace of India. We are the first research agency in India to design and develop this index as a benchmark for users of insights and information on a very important subject of savings that impacts lives across socio-demographic profiles.

This Index is an important indicator of financial health and stability. It measures present financial status, propensity to saving and reasons thereof, instruments used for saving as well as the burden of debt people carry. More importantly, it is a ‘leading indicator’ that investors, bankers, corporate executives, and policymakers can refer to:

• Understand people’s sentiment towards personal financial well-being
• How their savings will evolve over time and future economic outlook

The survey tracks the responses every 4 months. The initial exercise is the ‘Establishment Wave’ that allows for setting the KPIs and benchmarks (with a baseline score of 100 points). Any increment of the sentiment above 100 base points indicates an increase in financial health and security and a positive demeanor toward savings and vice versa if the movement goes south on the base points.

PEISAH will be an extremely valuable tool for those involved in developing financial instruments for savings and investments, policymakers intent on addressing financial inclusion, retirement plans across public/ private sectors, or helping reduce debt burdens etc. To name a few:

1. Habits & Practices: The Index can help BFSI & FinTech companies gain insights into people’s savings behavior and preferences. This can help tailor their products and services to better meet the needs of their customers and build targeted marketing strategies for different savers segments.
2. Risk Management: Based on factors contributing to a higher savings index, banks can utilize the information to improve their products and services, such as allowing banks to offer more favourable terms to customers with strong saving habits, providing instruments that empower them financially, etc.
3. Product Development: Financial institutions can use the insights to develop new savings products and services that are more attractive to customers. For instance, if the Savings Index indicates that customers prefer high-interest savings accounts or certain features like automatic transfers or provide short/long-term financial goal-setting tools, banks can design products that incorporate these preferences.

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