The report, titled Financial Behaviour of Urban Indians in 2024, found that 67% of respondents saved more than 20% of their income last year, with 31% saving over 30%. Despite these disciplined saving habits, many struggled to translate their financial aspirations into reality. Poor financial literacy (36%) and inadequate financial planning (31%) emerged as major roadblocks.
Mutual funds remained the most popular investment choice, with 78% opting for them, followed by equities and fixed deposits, with 60% and 65% of urban Indians choosing these investment options, respectively. However, reliance on financial advisors remained limited, with only 38% of respondents seeking professional guidance. Instead, 27.59% turned to friends and family, and 10% relied on social media influencers for financial advice, raising concerns about access to reliable investment strategies.
Looking ahead to 2025, urban Indians appear determined to take a more aggressive approach to wealth-building. The survey found that 67% plan to increase investments this year, while 82% intend to boost their savings. Retirement planning has also emerged as a key focus area, with 48% of urban Indians prioritizing the creation of a retirement corpus.
The survey’s findings underscore the need for holistic financial planning, particularly as urban Indians navigate inflation and market volatility. With proper advisory support and structured financial strategies, urban Indians may be better positioned to bridge the gap between their savings and long-term financial goals.
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