In a major step toward advancing financial inclusion and literacy, the Indian Institute of Management Udaipur (IIMU) and People Research on India’s Consumer Economy (PRICE) have jointly launched a comprehensive field-based survey to assess financial maturity across Gujarat and Rajasthan. The initiative, which began in August 2025, aims to develop a robust Financial Maturity Index (FMI) that will guide future policy decisions and educational programs.
Purpose and scope of the survey
- The primary objective is to measure how individuals understand, manage, and utilize financial resources
- The survey will assess five key dimensions: financial literacy, saving and planning behavior, product usage, risk preparedness, and digital financial adoption
- A total of 4,000 individuals will be surveyed—1,900 from rural areas and 2,100 from urban centers
- The study spans diverse demographics including age, gender, occupation, education level, and income bracket
Geographic coverage and methodology
- In Rajasthan, the survey will be conducted in Ajmer, Banswara, Churu, Ganganagar, Jaipur, Jaisalmer, Jhalawar, Karauli, and Udaipur
- Gujarat’s selected districts include Ahmedabad, Banas Kantha, Jamnagar, Junagadh, Rajkot, Surat, Vadodara, and Valsad
- A rigorous sampling methodology ensures representation across socioeconomic segments
- Fieldwork will be carried out by trained PRICE investigators who will follow strict ethical protocols and carry official identification
Implementation and governance
- Official letters have been sent to the Chief Secretaries of both states and to District Magistrates and Collectors to facilitate smooth operations
- Local cooperation is being sought to ensure community engagement and logistical support
- The survey is expected to run for six months, with household visits beginning in August
- All data collected will be treated as confidential and used solely for academic and policy purposes
Expected outcomes and policy relevance
- The Financial Maturity Index will serve as a benchmark for understanding household financial behavior
- Insights from the survey will inform targeted financial education campaigns and inclusive banking strategies
- Policymakers can use the data to design region-specific interventions that address gaps in financial access and literacy
- The study will also help identify barriers to digital financial adoption, especially in rural and semi-urban areas
Institutional significance
- IIM Udaipur continues to strengthen its reputation as a research-driven institution with global recognition
- PRICE brings deep expertise in consumer economy research and has a track record of influencing policy through data
- Together, the institutions aim to create a replicable model for financial maturity assessment across other Indian states
Community engagement and appeal
- Citizens in the selected districts are encouraged to participate actively in the survey
- Their responses will directly contribute to shaping more inclusive and responsive financial systems
- The initiative also promotes awareness about financial planning and responsible money management
Conclusion
The joint survey by IIM Udaipur and PRICE marks a pivotal moment in India’s journey toward financial empowerment. By capturing ground-level data on financial maturity, the study promises to unlock actionable insights that can transform how financial services are delivered and understood. As the fieldwork unfolds, the collaboration stands as a model for data-driven development and inclusive growth.
Sources: MSN India, PTI News, ThePrint, Devdiscourse
