At 34, Indian affluent youngest in Asia-Pacific

Tribune News Service

New Delhi, July 1

A study conducted by credit card major Visa has shown that the average age of India’s affluent is 34 years, younger than most Asia-Pacific peers, and their annual household income is Rs 15 lakh.

The survey says this is a clear reflection of their predisposition towards discretionary spending, especially on luxury categories like fine dining, travel, designer clothes and jewellery, as highlighted by the Visa Affluent Study-2015.

With regard to financial management, 46 per cent of affluent Indians prioritise increasing personal income and 95 per cent make monthly savings for their discretionary spending.

The survey shows that the majority of India’s affluent are optimistic about the country’s economic situation, with 74 per cent believing that it will improve in the next one year. The positive sentiment is also highlighted in their outlook about their personal and household incomes, with 80 per cent expecting their personal incomes to increase and 78 per cent expecting their household income to rise in the coming year.

TR Ramachandran, group country manager, Visa India and South Asia, said: “According to recently published reports, the total number of millionaires in India rose 26 per cent last year to around 1.98 lakh millionaires. The Visa Affluent Study findings reaffirm this growth and confidence which is reflected in the propensity of affluent Indians to invest more money towards the finer aspects of life. Spending time with family and investing in a good future continue to get priority. There is also an emergence of preference for purchasing art and also a strong consciousness to think and invest for the social good of the society.”

The study reflects that spending time at work occupies a major part of affluent Indians’ lives and they are most likely to work on weekends. Almost eight out of 10 worked on at least one weekend during the past month.

The age bracket of mid-30s for most affluent Indians manifests in their high regard for children’s education. Over two-thirds of India’s affluent believe that it is of utmost importance to provide children with top education, it is the highest proportion across the region.