India’s aspirations are rising but so is the dependence on credit: survey

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Aspirations of Indians are running high as people learn to put down Covid fears, shows BankBazaar Aspiration Index 2022. This year’s Index is at 87.3, reaching its 2018 levels for the first time.

The study tracks 17 goals under five aspirations—health, wealth, fame, relationship and personal growth—and people’s importance, confidence and preparedness for them to arrive at the Index.

A higher Index represents greater aspirations, but it is in no way an indication of good financial health.The study shows a significant rise in expenses and dependence on credit, both for needs and aspirations, in the last one year, while savings have either stagnated or fallen in the same time period. The study surveyed 1,675 salaried individuals in the age group of 22-45 years, who earn 30,000 or above per month and are digitally aware.

 

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