Home Credit India Study: Nearly 60% of low-income customers saved after paying their bills

Home Credit India, which is part of the global consumer credit company Home Credit Group, said that people with low incomes in cities and semi-cities are very optimistic about the country's economy.

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In its yearly consumer survey, "The Indian Wallet Study 2023," the company found that 52% of low-income consumers' incomes went up last year because the economy was growing. 76% of people think their incomes will go up in the coming year.

This has made people with low incomes feel good about the economy of the country. The study said that customers are very careful about spending money on things that aren't necessary, even though their income has gone up.

The goal of the study is to learn about the spending habits and feelings of low-income consumers in urban and semi-urban places.

The study was based on a random survey of about 2,200 people who have taken out loans and are between the ages of 18 and 55. These people live in 17 places, including Delhi-NCR, Mumbai, Kolkata, Bengaluru, and others, and make between Rs 2 lakh and Rs 5 lakh per year.

On the topic of savings, the study showed that almost 60% of low-income customers chose to be smart with their money by putting money away after paying their monthly bills.

The study also showed how people with low incomes deal with unexpected and necessary expenses like hospital bills. About 70% of them use money from their savings to pay for unforeseen expenses.