25% savings rate common among those over 30 years old, reveals survey
The Moneyview Savings Index 2024 reveals current savings and investment patterns in contemporary India. According to the survey, individuals with higher incomes tend to save a larger proportion of their earnings than those with lower incomes.
Specifically, 72% of respondents earning over ₹50,000 per month reported higher savings, whereas only 51% of those earning less than this amount did so. This indicates that higher-income earners may have more disposable income after covering essential expenses, enabling them to allocate a greater share towards savings.
The survey sought to investigate how residents of Tier-1, Tier-2, and Tier-3 cities in India handle their finances. By concentrating on respondents earning ₹30,000 or more per month, the survey captured valuable insights from a substantial segment of the employed population.
By examining two distinct income brackets ( ₹30,000-50,000 and above ₹50,000), the survey facilitates comparisons of savings behaviors between individuals with moderate incomes and those with higher incomes.
Sharing the insights of the survey, Prasanth Naidu, Chief Marketing Officer, Moneyview, stated, “The findings underscore the importance of savings in achieving financial security and realizing personal aspirations. As we observe diverse saving behaviors across income groups and demographics, it’s evident that tailored financial solutions are essential to meet the evolving needs of the consumers."
The findings reveal that lower-income groups typically favour safer investment options such as savings accounts, despite an increasing interest in mutual funds and the stock market. This behaviour can be attributed to factors such as lower risk tolerance and a focus on short-term financial goals.
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