Indians are saving up to 20% on all lifestyle spends, travel among top categories: Report
lifestyle spends, even as travel is the preferred category for spendvesting enthusiasts, with gadgets and shopping also significant, pointing to the popular lifestyle goals that drive financial decisions, said Spendvesting report by Multipl.
Spendvesting is a financial concept that combines the principles of investing and spending. The approach, developed by multipl, merges lifestyle goals with investing, helping consumers to live their dream lifestyle while building a secure financial future. It also notes that 50% of Indian spendvestors are in the 26-34 age group, showcasing the strategy’s resonance with millennials and Gen Z.
«Spendvesting is not merely a financial strategy; it represents a shift towards mindful and gainful consumer behavior. As interest and participation in spendvesting grows, it is set to capture a wide ranging audience, capitalising on India’s expected digital economy boom to $1 trillion by 2030,» said Paddy Raghavan, co-founder of multipl, adding that millennials and Gen Z’s prefer fintech startups for customised investment advice.
The report in collaboration with Blume Ventures, Augmont — Gold for All, DSP Mutual Funds, and EaseMyTrip, tracks the evolution in Indian spending habits, moving away from traditional banking and credit usage towards spendvesting approach, endorsing a positive habit for a stable financial future. It tackles the growing issue of credit card defaults and debt accumulation among younger generations, emphasising the need for financial discipline.
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