Building wealth was a top financial priority for urban Indians in 2024. The majority, 74% of the surveyed planned to invest in financial instruments like stocks and mutual funds, reflecting a strong focus on wealth accumulation. Sixty percent prioritised building an emergency fund, reflecting the importance of financial security during unforeseen circumstances. This desire for financial security was further shown by the fact that 69% aimed to save a portion of their income, while 51% were saving for major life events such as buying a house or a car.
However, despite strong saving habits and ambitious financial goals, only 30% of participants surveyed successfully achieved all their financial goals in 2024, according to a research report by 1 Finance.
The report titled ‘The Financial Behaviour of Urban Indians in 2024’ highlights that challenges faced by many in translating their financial aspirations into realities. Unexpected expenses and market conditions emerged as major obstacles. Furthermore, 31% cited inadequate financial planning as a key challenge, while 36% attributed their diculties to poor financial literacy.
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Saving Habits of Urban Indians in 2024
The saving habits of urban Indians surveyed indicated a commitment to building a secure financial future. In 2024, around 36% of the urban Indians surveyed were diligent savers, setting
aside between 20% and 30% of their income. Notably, a sizeable group (around 31%) saved more than 30%, highlighting a strong commitment to long-term financial security.
The survey is based on the responses from 406 individuals across cities like Bengaluru, Delhi, Mumbai, and Hyderabad and highlights their financial goals, saving habits, challenges faced, and the tools they found most helpful in planning for their future.
KEY TAKEAWAYS:
1. Mutual funds were the most popular investment choice among urban Indians in 2024, with 78% opting for them and 60% preferring stocks. 65% of urban Indians still relied on fixed deposits (FDs) to achieve their financial goals.
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