The survey said as part of the strategy to shift national spending from consumption to investment and combating inflation, efforts must be made to increase the opportunities for savers to get strong returns from investment. It said the ongoing efforts to educate investors need to be scaled up in a coordinated manner for spearheading financial literacy and promoting investors protection.
The survey said that lower levels of financial literacy, particularly among workers in the unorganized sector, non-availability of even moderate surplus and lukewarm response so far from most of the state/Union Territory governments to a co-contributory Swavalamban Scheme are the major challenges to universal inclusion of poorer sections of the society into the pension network.
"On the supply side, the lack of awareness about NPS and access points for people to open their accounts individually have been major inhibiting factors, which should be addressed by the pension regulator immediately," the survey said.
On the insurance side, it said limited choice and high cost of providing covers and assessing claims are issues that need to be addressed to make insurance funds an effective means of channelizing savings to investments.