Analysis of Savings Behavior Among Different Age Groups: Older vs Younger

The latest survey on Indians’ financial practices has revealed some interesting insights about saving habits across different age groups and income levels. According to the Moneyview report ‘Savings Index 2024’, people older than 30 are likely to save almost 25% of their monthly income, while those younger save only 10-15%.

The survey, which included 5,000 respondents from Tier-I, Tier-II, and Tier-III cities, found that more than 70% of people earning over Rs 50,000 monthly are actively saving. On the other hand, only 51% of those earning less than Rs 30,000 are making savings.

Interestingly, two out of five respondents identified saving as a key financial goal, with 63% of them making monthly savings. Respondents older than 30 seem to prioritize saving more, allocating a significant portion of their income towards it compared to younger individuals.

The report also highlighted the allocation of income among different income groups, with lower-income individuals spending a larger portion on household expenses and higher-income individuals allocating more towards savings and investments. Saving goals varied among respondents, with property acquisition, education, emergency funds, marriage expenses, and children’s education being the top priorities.

It was noted that lower-income groups tend to opt for safer saving options like savings accounts, while those with higher incomes prefer fixed deposits, insurance, and mutual funds. Prasanth Naidu, the chief marketing officer of Moneyview, emphasized the importance of tailored financial solutions to meet the diverse saving behaviors observed in the survey.

Overall, the findings underscore the significance of saving in achieving financial security and realizing personal aspirations, highlighting the need for individuals to be mindful of their saving habits and financial goals.