Urban Indians save more but struggle to meet financial goals, survey finds
urban Indians demonstrated strong saving habits in 2024, only 30% managed to achieve all their financial goals, according to a new survey by financial advisory firm 1 Finance. The study, which surveyed 406 individuals across major cities like Mumbai, Delhi, Bengaluru, and Hyderabad, highlights a growing inclination toward investments but also underscores key challenges such as unexpected expenses and insufficient income.
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
