Financial Intelligence Index: Mumbai investors smartest,Delhi follows

“We have created this Index that rates the financial acumen of investors in six major cities of India. It is fairly interesting to see how residents in a city seem to be doing very well on some aspects of managing their finances but lag behind on others,” said Kapil Narang,Chief Operating Officer,Ameriprise India Advisory Services.

For instance,Mumbai scores high on having a diversified portfolio,utilising professional advice and investing early but shows room for improvement on goal-based planning with long-term approach,it said. The overall investment holding pattern of the city is diversified; though investors clearly have shown heavy preference towards certain products such as fixed deposits,health insurance,mutual funds and equities,it said.

On the other hand,Delhi fares well on goal-based and long-term planning,portfolio diversification and taking professional advice but investors typically start investing late,it added. The survey also indicated that investors are waking up to the need for retirement planning.

“One in four Indian investors say that retirement planning is their top goal today. A year back,only one in 10 did so. This is an encouraging development,” says Kim Sharan,president,Financial Planning and Wealth Strategies,Ameriprise Financial. Nearly 700 working professionals across six cities – Delhi,Mumbai,Bengaluru,Chennai,Hyderabad and Pune were surveyed. The target audience with annual household income was set at more than Rs 12.5 lakh per annum was part of the

survey.