99 per cent families in TN unsecured

Chennai, June 26: Majority of households, despite awareness of Life Insurance products in Tamil Nadu, are financially at risk due to ''ineffective saving habits and misplaced financial optimism,'' a recent survey revealed.

The study was jointly conducted by the National Council of Applied Economic Research (NCAER) and Max New York Life Insurance Company Limited on ''How financially protected are the Indian households'' by assessing how India earns, spends and saves.'' According to the survey, nearly 99 per cent households in the state felt that they cannot survive on their current savings for more than one year in case of major loss of household income.

Similarly, 99.90 per cent of households in Chennai were economically at risk, which makes Chennai, one of the regions with highest percentage of household, the study showed.

The study also revealed that 12 per cent of the households in Chennai keep their savings at home.

UNI