Majority prefer banks deposits to park savings, 21% in gold, says Survey

The affinity of Indians for gold and traditional bank deposits remain unwavering as about 77 per cent of respondents preferred to safeguard their earnings through bank deposits and 21 per cent choose to invest in gold in 2023, according to a survey.

The Money9 annual personal finance pulse survey indicated a positive trend in insurance penetration, with over 27 per cent of households holding life insurance policies in 2023, higher from 19 per cent in the 2022 survey.

However, a 53 per cent of households still lack health insurance coverage, according to the survey, which is based on responses from over 35,000 households across 20 states.

 

It further said that India's burgeoning stock market is gradually making its way into the pockets of investors, with the percentage of stock market investors surging from a mere 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 survey also showed that regional variations persist, with southern Indian cities such as Bengaluru (69 per cent) and Thiruvananthapuram (66 per cent) leading in gold savings.

In terms of insurance penetration, Madurai (84 per cent) claims the top spot, followed closely by Amravati (79 per cent) and Aurangabad (76 per cent).

Also, the percentage of Indian households affording a luxurious lifestyle has increased from 3 per cent in 2022 to 5 per cent in 2023.

While luxury remains concentrated primarily in metro cities, these findings underscore India's relentless pursuit of progress, the survey added.

The survey was conducted in collaboration with Research Triangle Institute (RTI) International.