YouGov’s new report provides an overview of financial attitudes and habits in 17 global markets.
YouGov’s latest deep dive custom research reveals two in five (40%) urban Indians consider savings for unexpected hardships their top financial priority in 2021.
‘On the money: Global banking & finance report 2021’ is based on more than 18, 000 interviews and provides a high-level analysis of consumers’ attitudes to financial services across 17 global markets.
The COVID-19 pandemic has brought unprecedented challenges for people across the globe and consumers in most markets are saving money for unexpected hardships. This is the highest in Indonesia (54%), but amounts to comfortably more than a third of the public in every market except Denmark (20%).
In India, apart from saving, more than a third (35%) want to ensure they protect themselves and their families in case of emergencies while 27% look forward to fulfilling their regular financial commitments in this year. In other European countries like Spain (55%), Great Britain (49%), and Sweden (47%), the public are most likely to focus on fulfilling their regular financial commitments such as paying bills and rent.
One-fourth Indians are likely to make money by investing (25%), while paying off debts and accumulating money for retirement seem to be at a lower priority (22% each).
Paying off debts is a greater priority in countries like US (39%) and Mexico (43%) but appears to be a lesser concern in the European nations like France (18%), Germany (20%), Denmark (22%), and Sweden (22%), where it is a priority for just under a fifth of the public.
Even though saving is the main goal for Indians this year, few intend to buy a property (14%) or purchase assets (15%) in 2021.
Outside of saving money and paying debts, a minority of the global public are looking to resume their normal spending habits as quickly as possible – especially in Italy (15%), Spain (14%) and France (12%). In India less than one in ten (9%) see it as a priority.
When asked about their household situation in the past six months, nearly a third of urban Indians (31%) said they have dipped into their savings to cover their expenses. Almost as many (32%) reported to have saved more while a fifth (21%) claimed to have borrowed more money or taken on debt to manage the situation.
In order to manage future finances almost eight in ten (77%) people in India plan to cut back on their non-essential expenditure in future. These numbers are higher in countries like Mexico (90%), Indonesia (87%) and Spain (86%). Germany and Denmark are at the bottom of the list where where 45% and 46% respectively believe they will slim down their outgoings.