India bounce back
The 2022 aspiration index shows a huge jump, reaching 2018 levels for the first time in four years.
East is the most aspirational region
The relatively moderate impact of COVID helped the sector fulfill its ambitions.
women have big dreams
Women of all ages are ahead of men in pursuing their goals.
wants and needs do not match
There is a clear distinction between what young Indians want and what they prioritize. goal aspiration
obstacles in the way
There are four different obstacles in the way of achieving the goal.
spending is going through the roof
Inflation has started knocking. credit are up and Savings are below.
- 77% of respondents reported spend more
- 80% saw savings stagnating or declining
- 62% had to rely on credit to meet their needs
credit is increasing
Eight out of 10 people have borrowed between Rs 5,000 and Rs 50,000 per month to meet expenses. In-spite of this pay raise and promotion.
stay on credit
More than half of the respondents took a new loan in the last year to fulfill their dreams. However, payment is becoming a problem.
- 82% of borrowers are considering debt restructuring
- 4% is finding it difficult to repay
deal with inflation
Each region is dealing with a different problem.
Answer: Desperate to fulfill unfulfilled wishes. Six out of 10 had taken loans in the last year mainly for home, vehicle or higher studies. But he also borrowed to fund the holidays and buy durables.
west: The most practical of those who kept spending in a jiffy. Of the 52% who took the loan, more than half used the money to buy a vehicle.
East: Reliance On credit is high at 63%. Most of the 52 per cent borrowers wanted money to buy a house or vehicle. However, 33% of borrowers needed money to cover medical expenses.
south: Dependence on credit is low and one third of the respondents are on hold without resorting to credit.
the lure of a house
Buying a home remains the top goal among the majority.
- 49% of borrowers took loans to build or buy a house. Wholesale home loan in the range of Rs 20 lakh.
how india saved
Despite spending more, Indians saved, even if it was less than before.
- 47% cut in monthly savings
- 57% invested in mutual funds
- Saved 32% but could not increase the quantity
- 32% investment in crypto assets
Soon retirement a dream
Retirement planning has emerged as the second most important factor in investment.
- 17% target corpus of Rs 2 crore or more
- 25% planning to have a corpus of less than Rs 50 lakh
- 60% planning a corpus of less than Rs 1 crore