The ongoing pandemic has ushered in a new normal. It has forced people to rethink their security in terms of physical and financial health. People are researching methods to boost their physical immunity, along with financial immunity too.
The Nielsen Company conducted a country-wide study for SBI Life to understand what financial immunity meant to the general population and how COVID has affected it. It also aimed to understand the attitude of consumers towards life insurance and financial preparedness towards various critical illnesses.
Based on this survey, here are five steps you could follow to boost your financial immunity.
In the current scenario, maintaining physical immunity is paramount. With the threat of income and job loss looming large, there has been an increase in stress and anxiety. Individuals working from home also have had to deal with increasing work stress.
As reflected in the survey, 78% of the people agree that stress and anxiety affect mental and physical immunity to a great extent. This cannot be more accurate. When you are physically and mentally healthy, you have strong immunity and are protected from diseases and illnesses. You can keep stress at bay by making changes in your lifestyle, following a healthy diet, exercising, and meditating.
When asked if a sound mental and physical health is necessary for developing financial immunity, 76% of the people strongly agreed. You need to build up your financial immunity to safeguard against any medical emergencies. For doing this, you need to plan correctly and choose the right tools.
2. Understand what financial immunity means to you
The first step to building financial immunity is understanding it. There is no universally agreed-upon definition of financial immunity. It is different for every person, based on their needs, goals, dreams, earnings, lifestyle, among other factors.
For most people in the study, financial immunity meant being able to maintain security and stability of their family in case something was to happen to them or being financially prepared for any unforeseen emergencies relating to life and health.
You need to decide what financial immunity is to you. Spend time and think about it. It will not only put things into perspective but can also go a long way in helping you safeguard yourself and your loved ones from difficult times.
3. Know your financial preparedness for the uncertain times
In the study, more than 53 % of the respondents mentioned that they are not financially prepared to face emergencies. Those with Term insurance and a critical illness cover showed more confidence, with 67% sure about being financially immune.
It is essential to know where you stand and how prepared you are to tackle financial emergencies. Begin by estimating the risks. Account for your liabilities and expenses and consider emergencies. It can help you gauge your situation and take the right steps to secure yourself and your family’s future financially.