Hyderabad: A recent study has provided a picture of the income and expenses among the city dwellers along with the areas they spent more in 2023.
The Home Credit India (HCN) has conducted the study in 17 cities across the country titled 'The Great Indian Wallet'. Here is an overview of the findings of the study in Hyderabad and the observations.
There has been an overall rise in the average monthly income of the city dwellers. Among the participants of the survey, the average monthly income has increased from Rs 42,000 to Rs.44,000 in 2023.
But, there has been a higher rise in the expenditures compared to income. It has been observed that the expenses have increased from Rs 19,000 to 24,000 last year. This means, compared to a Rs 2,000 growth in income, the expenditure has risen by Rs 5,000.
Coming to the area-wise expenses, the survey has revealed that an overall 21 percent of the income is spent on house rent and groceries while 17 percent on education of children.
Under discretionary spends, the highest of 35 percent is on travel/visits followed by 28 percent on outside food. Around 19 percent is spent on movies and 10 percent on OTT entertainment. For fitness, expenses are around 6 percent.
Around 41 percent participants said they have heard about online financial scams and 27 percent said they have fallen victims to online frauds. Nearly 64 percent of residents said they would stop using UPI services if they are charged fees instead of being offered free.
A total of 74 percent expect their income to increase in the coming years while 66 percent said they have the habit of saving every month.
Read more
