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As per the Axis My India's India Consumer Sentiment Index, just 16% of Indian households said they will invest their money in 2023, while 78% said they have no such plans.
About 34% of those surveyed said they would invest in their children's education. Saving for marriage remains the most important financial goal for 14% of people, followed by buying a home at 8%.
The survey which covered 10,019 people across India, including 70% from rural areas and 30% from urban areas, shows that only 16% of Indians said they will invest their money by 2023. This comes in amidst the volatility of the stock market and the scenario of rising interest rates in the country, due to global fears of inflation and recession.
Most people want to invest in financial assets
| Options | % |
| Invest in real estate | 16 |
| Business | 13 |
| Insurance | 11 |
| Bank Fixed Deposits | 9 |
| Mutual Funds | 5 |
| Gold | 5 |
| Stock Market | 4 |
| Repay personal loans/high intensive credit debts | 3 |
| Fixed Maturity Plans | 2 |
| Government invest-PPF/NSC/Govt Bonds | 2 |
| Bajaj Finance | 2 |
| Farming | 2 |
| Other | 1 |
| Not sure | 10 |
| Wont invest | 20 |
Financial goals for 2023?
| Options | % |
| Childs education | 34 |
| for marriage | 14 |
| buy a house | 8 |
| Save for bad times | 8 |
| Business | 4 |
| For Future | 3 |
| Save for farming works | 3 |
| Build a house | 2 |
| buy a car | 2 |
| No goal | 27 |
| Other | 6 |
Commenting on the report, Pradeep Gupta, Chairman and CEO of Axis My India, said: "Our Consumer Sentiment Index shows that sentiment was higher in the first half of 2022 release, which was down slightly, but overall , we ended 2022 with consumer sentiment better than 2021 and much better than 2020. Going forward, the intent to invest and save more in 2023 reflects the current environment of resilience and cautious growth."
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