Kochiites looking down at chasm of uncertainty

More than 80 per cent of people felt life was more uncertain now owing largely to instability in jobs and income.

KOCHI: An overwhelming majority of Kochiites at 83 per cent opined life being extremely uncertain, with the level of uncertainty having risen significantly over the last five years. In spite of the increase, the levels of uncertainty in Kochi is lower than other cities with the survey ranking Kochi fourth after Kolkata, Patna and Chennai in the list of 13 cities surveyed.

More than 80 per cent of people felt life was more uncertain now owing largely to instability in jobs and income. The survey by Aditya Birla Sun Life reports a rise in health-related issues and its impact on the medical cost at 58 per cent.

At 95 per cent, ‘Self and Family’ is the prime uncertainty among people in Kochi. While 87 per cent feel uncertain about ‘Wealth & Savings’ and ‘Future Value of Money’, 'Child’s Education' by large is what they are most uncertain about, though it has decreased over a year from 52 to 35 per cent.

Securing ‘Self and Family from 'Critical Illness or Disability’ is now the second most top uncertainty people face in Kochi at 29 per cent. Retirement-related worries have significantly increased in the city by seven per cent in 2017 to 18 per cent in 2018.

Around 58 per cent of the families in Kochi have more than one person contributing to household expenses. This reflects on people’s increasing aspiration towards a more certain life. Still close to half of the households are single earning and higher than the national average.

At 34 per cent, individuals in Kochi are able to save at least a quarter of their income as compared to rest of India. At least 48 per cent of people in Kochi feel that retirement plans should be made early when one begins to earn, which shows an increasing trend in the last five years.At 70 per cent, life insurance ownership in Kochi has seen an increasing trend. Although 80 per cent of the individuals are aware of the amount required to protect their family against financial uncertainties, the extent of actual cover is much lesser than annual income of the family.