New Delhi: Around 69 per cent of households in India struggle with financial insecurity and vulnerability and the average income of families is Rs 23,000 per month, according to a recent survey. The survey by Money9 provided insights into how India earns, spends and saves in the country’s first-ever state ranking of citizen financial security.
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India’s Personal Finance Pulse maps Indian households’ income, savings, investment and spending, said a statement issued by Money9, promoted by TV9 Network. “The survey finds that 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,” the Money9 Financial Security Index survey stated. “Only 3 per cent of Indian households have a luxury standard of living and most of them belong to higher income cohorts (High- Middle and Rich).”
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Also, the survey found that 70 per cent of Indian households do some financial savings in the form of bank deposits, insurance, post office savings, and gold. The highest penetration is for bank and post office savings, followed by life insurance and gold, according to a report by news agency PTI.
Over 64 per cent of savings are parked in bank accounts, while only 19 per cent households have insurance.
“The incidence of saving is less prevalent among the aspiring class. Also, two-fifths of the Indian households in the same class are unable to do any financial savings. There is a clear need to address this segment by the policy makers/market players,” it said.
