Money9 Personal Finance Pulse of India Survey. (Image Credit: X)
New Delhi: In a bid to unfurl the rich tapestry of India’s fiscal dynamics Money9 has come up with the landmark Personal Finance Pulse Survey 2023. Full of seminal insights which will unveil the ambitions and realities of India’s rich economic tapestry, it is presented exclusively on the nation’s premier news network, TV9 Bharatvarsh, and across the TV9 digital/TV channels.
Traversing through 22 states and Union Territories, it delves into the hearts of 115 districts while engaging in the diverse polyphony of 10 languages. In an attempt to encapsulate the pulse of 1.57 crore Indian adults, the survey endeavours to touch the lives of 35,000 families.
The PFP 2023 inhabits an extremely broad vision which aspires to touch a variety of diverse economic avenues. The survey has a focus on a panoramic lens which includes the income, savings, investments, debt, and insurance status across the Indian subcontinent.
The survey was done in association with globally renowned RTI International. The agency also does similar surveys for organisations like the World Bank. In India, such surveys are usually done by organisations like the Reserve Bank or National Sample Survey of India, but both their surveys are relatively older than the one by Money9.In the current circumstances, the Money9 survey is best instructive of the financial health of Indians.
Major, key findings
One of the most important aspects that the survey covers is savings done by Indian families, crucial for ensuring the financial security of families. The Money9 survey shows that compared to last year, this year the number of Indian families who are saving up has increased. While in 2022 the percent of families who were saving was 70 percent, this year sees the number rise to 88 percent.
One of the major reasons behind this is being pegged as the Covid-19 pandemic which showed people how important it is to save. Once the effects of Covid decreased, people started to save, hence the increase in numbers.
Another question that the Money9 survey answers is one that every middle-class family in India tries to find answers to. The question being, where does all the monthly salary end up being spent?
The Money9 survey answers that about 19 percent is spent on food (ration), 8 percent on fuel for vehicles, 12 percent on bills (electricity, water, internet), 10 percent on children’s education fees, 8 percent on buying clothes and medicines. Other smaller spending include, 4 percent on loan repayments and 2 percent on paying credit card bills. The survey then shows that about 18 percent is kept as savings.
The survey also makes some predictions about some aspects of what might transpire financially in the country in the next 6 months. It says that about 10 percent of Indians plan to purchase a smartphone in the coming 6 months. This statistic is most pertinent for families that reside in Uttarakhand, Madhya Pradesh, Karnataka, Gujarat and Chandigarh.
About 4 percent of Indian families may look to plan for a foreign trip in the next 12 months. Karnataka, Odisha, Gujarat, Punjab and Chandigarh top the list here.
The survey then points out that about 3 percent of Indian families would be looking to buy both two-wheeled vehicles and four-wheeled vehicles. The propensity to buy four-wheelers lies most in Gujarat, Jammu & Kashmir, Karnataka and Delhi-NCR. Meanwhile for two-wheelers, it is Maharashtra, Assam, Karnataka, Rajasthan and Chattisgarh.
The survey also shows that compared to last year, there has been a near 10 percent increase in the average earnings of an Indian family. From last year’s Rs 23,000 we now see an increase to Rs 25,910.
Meanwhile in terms of individual states, the top three states in this respect are Karnataka, Maharashtra and Chandigarh. Meanwhile, last year the top spots were taken by Maharashtra, Karnataka and Delhi.
The survey also point to one depressing statistic., showing that there are about 7 percent of Indian families whose monthly income is less than their monthly expenses.
