Financial Health Quiz

1. How liquid are your savings which could be availed easily in any emergency? In case of an emergency do you have Rs. 1 lakh that you can withdraw within 2 hours?

No, I might have to borrow.

I have liquid money but not sure whether it will be enough.

Yes, I have sufficient liquid savings to handle any emergency & can be accessed easily.

2. In the event of a job loss or any other financial emergency, do you have 3 months’ worth of your expenses kept aside as reserve?

No, I am fully dependant on monthly income.

1-3 months

6 months or more

3. How much do you think it costs for an overnight stay and a minor surgery like Appendicitis or hernia in a good hospital today – Do you have health insurance that can cover the same?

No, I do not have health insurance

Yes, me & family are covered by my employer but not sure if it is adequate.

Yes, me & family have adequate personal health insurance and covered by employer too.

4. If you died suddenly, do you think you would have left enough money for your dependants to create an income to replace what you earned?

No, I have not thought about it & I do not have any life insurance either.

I have life insurance but not sure if it is adequate for my family.

I have adequate life insurance to cover all my family goals and outstanding liabilities.

5. What percentage (%) of your monthly income goes towards payment of EMIs?

More than 35%

Not more than 35%

I do not have any loans

6. Are you able to manage your loans?

I am struggling to repay.

I can afford EMI but it affects my savings which is limited.

I not only comfortably pay EMIs but also periodically prepay the principal/I am Debt Free, i.e., having Zero Debt.

7. Are you able to save regularly? What percentage of your monthly income do you save?

I am unable to save money.

I have to struggle to save money. I save maybe 10-15%

I am able to comfortably save on a regular basis. I save more than 25%

8. Do you invest your monthly savings regularly?

No, I invest when huge savings accumulate in my bank account.

Sometimes, when there is an opportunity to save tax.

Yes, I invest on a monthly basis.

9. You will need a big corpus for your children’s education/marriage and for your own retirement. Have you mapped your current investments to these specific goals?

No, most of my investments are done with the objective of saving tax.

No, my investments are done on an ad hoc basis with no goal in mind.

Yes, most of my investments are aligned with specific goals.

10. Where do you invest?

Fixed deposit, recurring deposit, post saving schemes (Fixed income options)

(a)+ debt funds, gold

(a)+(b), equity mutual funds, stocks.

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