North India and South India part their ways over their belief of prosperity. While nearly all the North Indians consider themselves prosperous if they have a loving family and good health, nearly all the South Indians measure their prosperity on the basis of their ability to save and grow money for the future. The findings are obtained from PayU's Global Financial Prosperity Barometer report, which also says that over 92 per cent Indians feel they are prosperous, ranking fourth behind Indonesia, Colombia, and Brazil, amidst 18 high-growth markets. Ease of access and presence of different financial services have led Indians to feel more prosperous, amongst its peers in the Asia region.
Emotional and social benefits such as being happy with life, good health of family and friends, made Indians feel more prosperous than having enough savings for the future. 87 per cent respondents also showed their belief that there will be more benefits if the government plays a larger role in financial services accessibility.
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"Understanding how access to financial services impacts prosperity takes us to the heart of human behaviour and brings us one step closer to building a world without financial borders where everyone can prosper. Global fintech leaders and governments have a huge responsibility to build the right services to ensure each individual can access and utilise financial services to improve their own feelings of prosperity," said Laurent le Moal, CEO, PayU.
The financial services in India are mostly spread among the traditional banks, online platforms are becoming more popular with time. Also, there is a growing use of smartphones to access financial services. Over 55 per cent of digital Indians interact with their financial service provider through smartphone apps to send or receive money. The Narendra Modi-led government introduced a flagship scheme of Digital India which also aims at bringing financial services in one's hand, thus making India more prosperous, as the survey says.