Indians have strong affinity for gold, bank deposits, says survey

New Delhi, December 27

The affinity of Indians for gold and traditional bank deposits remain unwavering as about 77 per cent of households in a survey showed preference to invest their savings in bank deposits and gold.

About 22 per cent of Indians were forced to spend their lifetime savings due to unexpected medical emergencies. Despite signs of economic recovery, 56 per cent of Indian households live in constant fear of job loss.

However, amid these challenges, India continues to dream, says an extensive survey of over 36,000 households in 20 states. The survey indicates that three per cent of families are planning to buy a vehicle and 10 per cent are going to buy a smartphone in the next six months.

Among states and UTs, Chandigarh has climbed into the first three displacing Delhi in terms of average monthly household income. Karnataka has surpassed Maharashtra to claim the top spot. Chandigarh is a new entry with an average income of Rs 34,588.

With only 2.24 crore people paying income tax, it is not surprising that about half of households surveyed do not want to pay income tax. As against the maximum tax rate of 30 per cent plus surcharge, half of those who want to pay, want a five per cent rate.

According to the survey by Money9, 53 per cent of households still lack health insurance coverage and the percentage of stock market investors has tripled from 3 per cent to 9 per cent compared to the previous year. Additionally, 10 per cent of Indian families have now embraced mutual fund investments, up from 6 per cent in 2022.

The findings

77% households prefer to invest savings in bank deposits and gold

53% households still lack health insurance coverage

9% invest in stock markets, up from

3% previous year

10% families have embraced mutual fund investments

Rs 34,588 average monthly household income of Chandigarh