The average income of an Indian family of 4.2 persons is Rs 23,000 per month. Over 46 per cent of Indian families have an income of less than Rs 15,000 per month i.e. belong to the aspiring or lowest-income cohort.
In its Financial Security Index survey, Money9 has highlighted how people in the country earn, spend and save in the first-ever state ranking of citizen financial security. The standard of living is luxurious for only 3 per cent of Indian households with most of them belonging to either higher middle or rich cohorts.
According to the survey, around 70 per cent of Indian households do some financial savings in the form of insurance, bank deposits, post office savings, and gold. Most importantly, two-fifths of the Indian households in the same class are unable to do any financial savings.
Over 64 per cent of park their savings in bank accounts, while only 19 per cent households have insurance. 22 per cent of households invest in stocks, mutual funds, and physical assets. Only 11 per cent of Indian households have active loans with banks or NBFCs. The consumption of personal loans is highest among all retail loans.
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