At 15.5 per cent in FY21, gross financial savings as a percentage of gross national disposable income is at the best level the country has seen in recent years.
Despite deeper year-on-year penetration of equities including mutual funds, gross savings remain supported by deposits and PPF instruments.
Surprisingly, demand for insurance products witnessed an uptick, thanks to the pandemic. Interestingly, financial liabilities at four per cent of gross household savings rose just marginally year-on-year.