Most Low-Income Households See No Increase In Income, Save Less Than 20 Per Cent: Study

Low-income households in India reported no increase in income over the past five years, according to a Redseer report. Around 77 per cent of such households faced stagnant incomes wherein even a marginal growth in income was often offset due to rising inflation and cost of living which directly impacted costs associated with food, healthcare, housing, and daily transportation. As per the survey, many low-income individuals work in informal or unregulated sectors that generate irregular income streams. This leads to perpetual financial instability for such earners. In addition to this, limited accessibility to institutionalised banking and financial services leads to financial illiteracy, with individuals who do not know efficient saving and tactful investment.The average age of respondents was found to be 42 years, representing individuals hailing from metropolitan tier 1, and tier 2+ regions. The respondents were employed across various service industries including government/private jobs, registered/unregistered businesses, daily wage labourers, and those involved in agricultural practices.

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