The Great Indian Wallet Study 2024: Rising Financial Confidence Among Indian Consumers
Ranchi: The latest edition of Home Credit India’s “The Great Indian Wallet” study reveals a promising surge in consumer confidence regarding financial well-being. Conducted across 17 cities with approximately 2,500 participants aged 18-55, this comprehensive survey sheds light on the financial habits and aspirations of urban and semi-urban Indians.
Optimism on the Rise
The study highlights that 74% of consumers expect their incomes to increase over the next year. Additionally, about two-thirds anticipate being able to save more (66%) and invest more (66%) in the coming year. This optimism is driven by economic growth and increased earning capacity.
City-Specific Insights
Among the surveyed cities, Hyderabad stands out with the highest personal monthly income averaging 44,000 INR. Other metro and Tier 1 cities like Bangalore and Pune also show significant income increases, with Bangalore and Hyderabad reporting incomes 15% and 33% higher than the national average, respectively.
Spending Patterns
For the lower-middle-class segment, the study reveals grocery (26%) and rent (21%) as the primary expenses. Interestingly, Chennai leads in spending on local travel, eating out, and cinema, whereas Lucknow spends the least on these activities. Chennai also has the highest rent costs, while Kolkata and Jaipur have the lowest.
Savings and Investments
When it comes to savings, 60% of consumers prioritize building a cash reserve for emergencies. Men are more likely to save than women, with Gen Z showing the highest savings inclination among different age groups. Regional differences also emerge, with Eastern India leading in savings rates.
Digital Transactions and UPI Usage
The study underscores the growing reliance on digital transactions, particularly UPI. Currently, 72% of respondents use UPI, with the highest usage in Chennai (90%) and the lowest in Ahmedabad (58%). Looking ahead, 42% of consumers are interested in using “Credit on UPI” for its time-saving benefits and ease of payments.
Concerns and Cautions
Despite the enthusiasm, some consumers express reservations about using “Credit on UPI” due to fears of falling into debt (31%) and overspending (28%). Additionally, if UPI services were to become chargeable, 64% of users indicated they would stop using them.
Fraud and Security
The study also sheds light on financial fraud, with 21% of respondents having been victims. Notably, men, Gen Z, and residents of northern cities report higher incidences of fraud.
Ashish Tiwari, Chief Marketing Officer of Home Credit India, emphasized the importance of understanding consumer financial behaviour, stating, “The Great Indian Wallet study serves as our compass, guiding us through the intricate landscape of consumer financial behaviour each year. This year’s study reflects an upswing in overall financial well-being among urban and semi-urban consumers.”
With a promising outlook on income growth and a steady focus on savings and investments, Indian consumers appear to be navigating their financial futures with growing confidence and optimism.
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