56% of Indian households live in constant fear of job loss: Money9 report

Money9's annual 'Personal Finance Pulse' survey has revealed that 56% of Indian households live in a constant fear of job loss. 

 

The report which sheds light on the financial landscape of India, also reveals that 22% of Indians have been forced to deplete their lifetime savings due to unexpected medical emergencies. 

 

Purchases, increase in income

 

The survey indicates that 3% of families plan to purchase a two-wheeler or a car in the next six months, while over 10% have their sights set on acquiring a smartphone within the same period.

 

The survey reveals that the return of migrant labourers post-Covid has contributed to an increase in the income of India’s urban households in 2023. The average monthly income has increased by 12% to reach INR 25,910, up from INR 23,000 the previous year. 

 

The report revealed that 77% of Indians earn less than INR 35,000 per month. 

 

It added that 65% of Indian households are categories as financially vulnerable and only 30% of households reported an improvement in their financial situation in the last five years, while over 70% experienced a decline or stagnation during the same period.

 

Karnataka has surpassed Maharashtra to claim the top spot in terms of average monthly household income. Karnataka now has an average income of INR 35,411, dethroning Maharashtra, which held the title in the 2022 survey.

 

Investment options

 

The affinity of Indians for gold and traditional bank deposits remains strong. Approximately 77% of Indians prefer to safeguard their hard-earned money through bank deposits, while 21% choose to invest in gold. The survey indicates a positive trend in insurance penetration, with over 27% of households holding life insurance policies in 2023, up from 19% in the 2022 survey.  53% of households still lack health insurance coverage.

 

The percentage of stock market investors in 2023, has increased from 3% to 9% compared to the previous year. 10% of Indian families have now embraced mutual fund investments, up from 6% in 2022.

 

Barun Das, MD and CEO, TV9 Network, said, “Amidst the financial challenges revealed by the Money9 Mega Annual Personal Finance Pulse survey, the resilient spirit of India shines through. The data puts a spotlight on both the struggles and dreams of our people. I see a nation unyielding in its aspirations, adapting to change, and crafting unmeasurable layers that define the complexity and richness of India’s financial landscape.” 

 

The 2023 edition of the survey has covered more than 35,000 households across 20 states, spanning 1,170 locations and 115 districts in India.