From the last 5 years Indian Hpusehold savings are constantly decreasing. In 2023, it was the lowest whereas in 2024 it was slightly better but still the lowest in last 50 years of data. The problem have started from the Corona, where people have started spending more rather than savings. And the trend continues till today.
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Also the inflation has also reached the peak and thus Indian people don't have the enough money to save after the expenses. And that's why the savings are getting reduced day by day. One thing the data has not shown the amount of gold the Indian household have. Indians love gold and there is not much data on how much gold a household have. So even if the savings are not shown as a bank account or networth because they might not be rich there.
But they are rich in Gold. I know a lot of people who don't save anything but they have more than 500gms of gold in their house. So there are people like these too. But let's keep them aside and focus on people whose savings are getting reduced. Now if I talk about my daughter's school, they have increased the fees by 10%, my rent has increased by 10% from last year and other things. Whereas my income has just increased by 7%, so that means the inflation is taking up my income. And that's why I will have less income to save.
And this is happening with everyone, their income is not rising, their expenses are shooting. And that's one of the reason that people are not able to save anything because their expenses are as same as that of their income. So what should we do, try to save as much as possible and also try to work on side income which can be saved and thus in future our savings will increase. Hive is my side income which can help me with additional income whenever I required it.
Posted Using INLEO
