Almost two-thirds of Indian adults are concerned about their personal financial situation, according to a new report. The report
Key Highlights :
In the PwC Global Consumer Insights Pulse report, released Thursday, 74 per cent of Indians are concerned about their personal financial situation, as opposed to 50 per cent globally. In addition, 63 per cent of Indian consumers are cutting back non-essential spending altogether, compared to only 41 per cent globally.
“With so much focus on the economy and the current political situation, it’s reassuring to see that Indian consumers are still managing their finances carefully,” said Anil Kumar, partner, India, at PwC. “This shows that they are not only aware of the risks to their finances, but are taking steps to protect themselves.”
The report also found that Indians are increasingly turning to technology to manage their finances. Nearly two-thirds (64 per cent) of Indian consumers use technology to track their spending, compared to just 53 per cent globally. And, more than half (55 per cent) of Indian consumers have a budget plan in place, compared to just 37 per cent globally.
“Technology is playing an important role in helping Indian consumers manage their finances,” said Kumar. “They are using apps and websites to track their spending, and setting budgets to help them stay within their limits.”
The report also found that Indians are more likely than consumers in other countries to use credit and debit cards to manage their finances. Nearly two-thirds (65 per cent) of Indian consumers use cards to pay for their groceries, compared to just 53 per cent globally. And, almost half (48 per cent) of Indian consumers use cards to pay for their bills, compared to just 37 per cent globally.
“This indicates that Indians are comfortable using cards to pay for their day-to-day expenses,” said Kumar. “They are confident in their financial situation and know that they can afford to pay their bills on time.”
The report also found that Indians are more likely than consumers in other countries to use gift cards to manage their finances. Nearly half (47 per cent) of Indian consumers use gift cards to pay for their groceries, compared to just 37 per cent globally. And, almost half (47 per cent) of Indian consumers use gift cards to pay for their bills, compared to just 37 per cent globally.
“This indicates that Indians are comfortable using gift cards to pay for their day-to-day expenses,” said Kumar. “They are confident in their financial situation and know that they can afford to pay their bills on time.”
The PwC Global Consumer Insights Pulse report is based on interviews
