Rupakumar Pradhan, CFPCM, CWM®

Personal Financial Advisor

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Personal Finance Concerns during Covid-19 Crisis

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Personal Finance Concerns during Covid-19 Crisis

Personal Finance Concerns during Covid-19 Crisis
April 21
16:26 2020

Here is a very basic guide on how to take the rational decision on ‘Personal Finance Concerns During Covid-19 Crisis’.

We have done a ‘One Day Survey’ on this topic with multiple choices thru different online platform. (WhatsApp, Telegram, Linkedin, Facebook etc.) on April 20, 2020 (Monday). The survey questions are answered by people belonging to different fields of life.

All Respondents, Thank you so much for taking the time out of your day to complete our short survey. We make notes of every single response that we receive, and your feedback really makes a difference.

The survey for ‘Personal Finance Concerns During Covid-19 Crisis’ was answered by 140 adults (Including all Indian citizens & financial advisors from different locations of our country). The margin of sampling error for the study is +/- 1.5 percentage points.

This report covers a wide range of public opinions on Covid-19 Personal Finance Concerns, and begins with a summary of the key findings drawn from the survey analysis and strategic recommendations for all.

Specifically, we examine:

  • The importance Indians place on ‘Personal Finance Concerns during Covid-19 Crisis’ and the potential for building greater decision making power.
  • The persuasiveness of specific messages that make the case for making right decision.
  • Attitude towards the investment products during this period.

Pie-Chart included in the text of this report highlight selected relevant survey findings and are expressed in percentages.

Detailed Findings

When we look at Indians’ connections to and attitudes toward the personal finance concern during this Covid-19 Crisis, we find the following findings.

1.What is most important in this Covid-19 Pandemic?

  • Buying a Health Insurance  (23 responses)
  • Create an Emergency Fund  (78 responses)
  • Investing in Mutual Funds/ Equity (17 responses)
  • Buying a Term Plan  (11 responses)
  • Do Nothing  (11 responses)

The top priority for Indians is improving financial decision; with more than half of Indians (55.7%) saying it is an extremely high priority to create an Emergency Fund. Following closely are Buying a Health Insurance (16.4%), Investing in Mutual Funds/ Equity (12.1%), Buying a Term Plan (7.9%) and Do Nothing (7.9%). Protecting the current family financial crisis, while considered a top priority by about more than half of the respondents (55.7%) takes somewhat of a backseat to these more immediate concerns.

 2. What to do during this equity market crash?

  • Redeem of all Mutual Fund Units (2 responses)
  • Sell all Shares (1 responses)
  • Make Additional Investment  (112 responses)
  • Stop All SIPs (3 responses)
  • Do Nothing (22 responses)

Focus groups revealed that the current investment scenario evoked many options for people. When these findings are measured in the survey (Total 140 respondents), we find large majorities of the respondents connect the make additional investment option with a number of positive response. The surveys are viewed as:  Make additional investment (80%); Do Nothing (15.7%); Stop All SIPs (2.1%); Redeem of all Mutual Fund Units (1.4%) and Sell all Shares (0.7%).

3.Where should I invest my money in 2020?

  • Real Estate  (4 responses)
  • Mutual Funds  (53 responses)
  • Shares  (16 responses)
  • Bank Fixed Deposit /Recurring Deposit (RD) (7 responses)
  • Systematic Investment Plan (SIP) in Mutual Funds (60 responses)

People use different investment options to invest their money. we find large majorities of the respondents have selected to invest in Systematic Investment Plan (SIP) in Mutual Funds. The surveys are viewed as: Systematic Investment Plan (SIP) in Mutual Funds (42.9%; Mutual Funds (37.9%); Shares (11.4%), Bank Fixed Deposit /Recurring Deposit (RD) (5.0%); and Real Estate (2.9%).

4.Is Financial Planning important?

  • Yes  (138 responses)
  • No   (0 responses)
  • May be  (2 responses)
  • Don’t know (0 responses)

 In the focus groups, when asked ‘Is Financial Planning important?’, many participants respond simply, “Yes”. In the survey, majority of Indians (98.6%) strongly agree that Financial Planning is essential ALL. The surveys are viewed as: Yes (98.6%); May be (1.4%); No (0.0%); and Don’t know (0.0%)


The survey data, together with the focus group research, point the way toward a number of rational decisions during this current Covid-19 Personal Finance Crisis.

  1. Create an Emergency Fund
  2. Make additional investment
  3. Systematic Investment Plan (SIP) in Mutual Funds
  4. Financial Planning is important for all.

This approach should help to educate the public about their decisions during this  Covid-19 period and their actions, as well as increase concern and commitment for family protection.

Plan Well To Live Well!

Stay Home! Stay Safe!

“Life isn’t about finding yourself. Life is about creating yourself.”~George Bernard Shaw

Mutual funds are subject to market risk. Please read the offer documents carefully before investing.

I am a CERTIFIED FINANCIAL PLANNERCM, CHARTERED WEALTH MANAGER®. For the moment, I have shared my experience growing up with you because it had a tremendous impact on how I do what I do.

If you have a question about your own financial situation please connect with me.  I’d be delighted to try to be of service.

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2020 Stock Market Crash -What Should I Do? Read it

About Author



Mr. Pradhan has over 22 years of experience in financial services industry. He was previously working with leading Life Insurance Companies, Broking Firms, Distribution Company, Financial Planning Company and Health Insurance Company. He has cleared several NCFM modules & is also AMFI Certified. His expertise is in Comprehensive Financial Planning, Technical Analysis, Portfolio Management, Investment Advisory, Wealth Management & Business Development.

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