Financial Awareness Soars: Over 40% Indians regularly monitor their credit scores, reveals survey

livemint.com:

Moneyview has just revealed findings from its latest survey, offering insights into the changing dynamics of credit score awareness and financial preferences. The 2023 Consumer Credit Survey gathered responses from a diverse range of individuals, offering valuable perspectives on credit behaviours, loan aspirations, and the pivotal factors shaping financial decision-making.

Sharing thoughts on the survey, Prasanth Naidu, Chief Marketing Officer, Moneyview, said, “As we navigate through a rapidly evolving financial landscape, the insights from our recent survey underscore the importance of credit awareness and prudent financial planning. The findings highlight not only the increasing frequency of credit score monitoring but also the dynamic nature of individuals' financial goals. At Moneyview, we are committed to empowering our users with the tools and knowledge they need to make informed financial decisions in this digital age."

Findings from the 2023 Consumer Credit Survey Report by Moneyview include:

Monthly credit score monitoring: A notable 40 per cent of survey participants consistently monitor their credit scores each month, indicating a growing awareness of the significance of credit well-being.

Credit score enhancement: Half of the respondents (50 per cent) revealed that they have received recommendations from various platforms to improve their credit scores without incurring any costs, showcasing a proactive approach to credit management.

Loan ambitions: A substantial 71 per cent of those surveyed expressed intentions to secure loans ranging from Rs. 30,000 to Rs. 2,00,000, underscoring a sustained demand for financial support.

Lender selection criteria: Among the surveyed individuals, 26 per cent prioritize