Over a Third of Urban Indians Claim Decrease in Disposable Income in Last 12 Months: YouGov
IANS 09 February 2023
More than a third of urban Indians have claimed that their disposable income has decreased in the last 12 months, YouGovs latest report said.
In India, more consumers report a decrease than increase in their disposable income in the past 12 months.
There is a less pessimistic view on future disposable income. Fewer expect a fall in disposable income in the next 12 months as compared to the past (31%), more expect an increase (26%), and just as many who said this in the past expect it to remain the same in the future (29%), YouGov said.
The report additionally highlights what people in India are doing with their money to weather the storm.
Putting money in their savings (33%), paying for health insurance (26%) and investments in stocks and shares (21%) were the top three financial activities done in the past 12 months, it said.
Saving continues to be high on the future agenda with 36% urban Indians saying they intend to regularly put money into their savings in the next 12 months.
Paying for health insurance (28%), making investments into stocks and shares (24%), regularly paying for pension or retirement, and paying for life or critical illness insurance (16% each) are some of the other activities urban Indians may take up in the future.
While consumers are taking some steps, they may need help to manage their money.
While narly two in five urban Indians feel any help in learning how to manage their money will be useful (38%), a third think an understanding of how to use investments to grow their money or help in planning future life events (32% both) will be of assistance.
Help with setting a budget and tracking expenses (27%), assessing finances (25%), managing debt (24%) and planning for retirement (23%) are some of the other areas where urban Indians could benefit from taking some help. Only 15% said they do not need any help with managing their finances.
Across the 18 markets, Britain had the largest decline in their disposable income with almost two-thirds (64%) saying their disposable income has decreased over the past 12 months, followed by Italy and Poland (both 57%), YouGov said.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Free Helpline
Legal Credit