Lower middle class People are forced to spend most of their earned money on rent and buying groceries. This information has been obtained from ‘The Great Indian Wallet Study’, an annual survey on consumer behavior by Home Credit India Finance Pvt. Ltd. (HCIN). According to the survey report, the average lower middle class Indian spent the maximum of 26 percent on groceries and 21 percent on rent. After this, 19 percent was spent on travel, 15 percent on children’s education and 7 percent on treatment. With regard to savings, the survey says that 60 percent of the people kept cash with them for emergency expenses after fixed expenses. 62 percent of men admitted to saving while 50 percent of women reported saving.
The middle class is hoping for an increase in income
The index related to financial well-being among urban consumers has improved in terms of both the current situation in the country and future perception. While people have expressed hope that their income will increase by next year, they have also talked about saving and investing more next year. 52 percent of the participants in the survey believed that their income has increased in the year 2024 as compared to the previous calendar year. At the same time, 74 percent of the people expect their income to increase by next year, while 66 percent of the people are expressing their intention to save and invest more in the coming year.
increase in average income
According to the study, the average personal monthly income in 2024 is Rs 35,000 in metros and Rs 32,000 in big cities (tier 1) and medium cities (tier 2). This average was Rs 33,000 in metros, Rs 30,000 in big cities and Rs 27,000 in medium cities last year. According to the study, the financial well-being index among urban and town consumers has increased compared to last year in terms of both current situation and future perception.
Survey conducted in these cities
The survey was conducted in 17 cities including Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Pune, Lucknow, Jaipur, Bhopal, Patna, Ranchi, Chandigarh, Dehradun, Ludhiana and Kochi. It covered around 2,500 people in the age group of 18-55 years whose annual income ranged from Rs 2 lakh to Rs 5 lakh.
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