In an effort to overcome the data gaps in household financial and retirement savings behavior, DataWorks (a market research firm established by pinBox promoters) commissioned the Invest India Incomes and Savings Survey, 2007. With a stratified random sample of over a million households across urban and rural India, this is still the largest ever privately financed syndicated survey on individual incomes and financial behavior in the world. The fieldwork for this pan-India survey was commissioned to Nielsen. The Survey consisted of two components:
The Survey respondent base included persons with cash incomes aged between 18 to 59 years. Respondents were drawn mainly from earning members of the Indian workforce who derive cash incomes from salaries, wages, profits and earnings from self employment and business activities (approximately 321 million persons nationally in 2007). It also included persons whose incomes are composed solely or mainly of rents, investment income, remittances, dividends and capital gains. All respondent data was collected through face-to-face interviews. The sampling methodology employed was stratified random to ensure that the data were fully representative for data projection purposes. The large sample size ensured good exposure of information for assessing significant financial sector segments. The sampling framework enabled users to obtain accurate estimates for individual State-specific urban and rural scenarios.
This Survey provided unique insights across all major financial market verticals, including retail banking, credit, life insurance, pensions and provident funds, mutual funds, equity and commodity markets and residential housing. Coverage was also provided on individual gold investors and community based savings and credit schemes that are of special interest in the Indian context. The Survey also provided linked data on the income and demography of the working age population to enlarge the canvass for understanding the contours of retail finance consumer behavior. In addition, it provided the most disaggregated view yet of the occupational composition of retail finance consumers to assist the retail finance and pensions industry to better visualize and segment their existing and potential markets.