Indians aged 30 or more tend to save more than younger age groups

Indians in the higher earning bracket are inclined to save a bigger part of their earnings than those with lower income, a new survey by Moneyview Savings Index 2024 has found. The survey, exploring investment and saving trends of new India, also shows that people who are aged 30 or more would be more prone to save at least 25 per cent of their earnings compared to younger people, whose average is around 10 to 15 per cent.

While 72 per cent of respondents with a monthly income higher than Rs 50,000 were inclined to save more, around 51 per cent of those who earn less than Rs 50,000 a month revealed that trait, the report shows.

The obvious indication here is those with a higher income can afford to save more after covering essential expenses in a month.

The survey was carried out among two income brackets — the first being those earning Rs 30,000 to Rs 50,000 per month and the second being those with a monthly income of more than Rs 50,000. The aim of the survey was to understand how the employed population in Tier-1, Tier-2, and Tier-3 cities of India handled their earnings. More than 40 per cent of respondents across all segments said they consider saving a significant financial objective, revealing a growing awareness about financial security.

As far as savings are concerned, the higher income group are more open to investing in mutual funds, fixed deposits (FDs) in banks and insurance. The lower income group, on the other hand, prefers comparatively low-risk and more traditional options such as savings accounts to store their money, although there is a growing interest in stocks and mutual funds.