The Money9 Mega Annual Personal Finance Pulse survey has unveiled crucial insights into India’s financial fabric. Shockingly, over 22 percent of Indians have emptied their lifetime savings due to unforeseen medical crises. Despite signs of economic recovery, a significant 56 percent of households live under constant job loss apprehension.

However, amidst these challenges, aspirations persist. The survey indicates a keen interest among 3 percent of families to purchase vehicles and over 10 percent aiming for smartphones within the next six months, the channel said in a press release.

This extensive survey, conducted by Money9, India’s premier multi-media Personal Finance platform, covered 35,000 households across 20 states, reflecting diverse demographics and regions, with special emphasis on urban and suburban households.

Collaborating with Research Triangle Institute (RTI) International, the survey holds insights crucial to understanding India’s financial dynamics.

Barun Das, MD and CEO of TV9 Network, highlighted India’s resilience amid financial struggles, underscoring the nation’s unwavering determination and adaptability. Anshuman Tiwari, Editor of Money9, emphasized the survey’s role in empowering individuals with financial knowledge.

Post-COVID recovery for urban households showed a 12 percent rise in average monthly income. However, a startling 77 percent earn below Rs 35,000 monthly, and 65 percent are financially vulnerable.

Karnataka surpassed Maharashtra in average household income, while insurance penetration increased, reaching 27 percent. Investment in stocks and mutual funds rose notably.

Regional variations in financial behavior were evident, with southern cities leading in gold savings and specific cities topping in insurance penetration.

Luxury affordability rose to 5 percent of households, showcasing India’s pursuit of progress.

The survey, a window into India’s financial intricacies, offers district-level insights.