26% people prefer to put money in savings account despite low interest, says report

A significant proportion of consumers plan to park their money in savings accounts, while a smaller percentage plan to invest in their own businesses or health and life insurance. A new report reveals insights on consumer investment plans for the new financial year, sentiment on education infrastructure in India and their interactions with new AI tools.

Axis My India, the consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer sentiment on a wide range of issues.

This month’s CSI survey showed that a majority of 26% planned to park their money in savings accounts while 20% planned to invest in their own business.

Also, 16% want to invest in health insurance/life insurance while 13% want to invest in real estate. 8% are looking to invest in FDs and RDs (Fixed Deposits and Recurring Deposits) and 7% in Gold.

While a majority of women (33%) have favored a savings account, a majority of men have chosen to invest in business.

Interest rates on savings accounts differ from bank to bank and are subject to change. The average interest rate on savings accounts ranges from 3.5% to 4% per annum, however, it may vary as per the respective bank. These rates are not considered very attractive as compared to other special deposit schemes.

The May net CSI score, calculated by percentage increase minus percentage decrease in sentiment, stands at +09, an increase of 1 point over the previous month, the report said.

Total household spending has increased for 56% of households, the same as last month. The net score, which was +49 last month, has come down to +48 this month. The states showing the highest growth are West Bengal with 70%, followed by Andhra Pradesh and Telangana with 61% each. The 26-35 age group showed the highest growth (59%).

Pradeep Gupta, Chairman and Managing Director, Axis My India, said, “The survey reveals that for a significant population, savings accounts are still the preferred mode of depositing their money. There is a clear difference in infrastructure priorities, positive attitude towards government schools if they provide better facilities and quality education.”

“Our report highlights the growing importance of AI tools like ChatGPT in the workplace, with most young adults seeing this as a benefit to their work. These insights provide businesses, policy makers and educators with valuable information to better understand and meet the evolving needs of consumers.”

In an effort to understand conscious buying behaviour, the survey found that 18% are willing to pay more than usual but less than 10% for eco-friendly and sustainable products. While 11% are willing to pay 10-20% more, only 6% can afford to pay 20% more. This shows a clear rise in preference for conscious products driven by a sense of responsibility to make ethical and responsible choices.

The findings also revealed that this behavior resonates most with 18-25YOs, males and those with a monthly family income of Rs 31000 and above.

51% of those surveyed said that their children go to government schools and 57% said that their children go to private schools. 56% of rural India is going to government schools and 57% of urban India is going to private schools. Only 1% said their children attend international schools.

Additionally, 82% whose children attend private or international schools are positive about sending their children to government schools if it assures better facilities and quality education.

6% of those surveyed (NCCS AB, graduate and above) have heard of ChatGPT. Importantly, 81% of those who listened see AI tools as a benefit to their jobs, while a combined 24% see it as a hindrance to job security and data reliability. Most of the people who have heard about AI tools and see it as a benefit are in the age group of 18-25YO.

The survey was conducted through computer-aided telephonic interviews across 35 states and union territories with a sample size of 10,206 people. 64% were from rural India, while 36% were from their urban counterparts. In terms of regional spread, 26% belong to northern parts while 25% belong to eastern parts of India.

In addition, 29% and 19% belonged to the western and southern parts of India, respectively. 64% of the respondents were male, while 36% were female. With reference to the two majority sample groups, 32% represent the age group 36YO to 50YO and 29% represent the age group 26YO to 35YO.

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