The Tata Capital survey was conducted by Innovative Research Services (India), by interviewing 1,010 respondents. Here are more findings from the survey.
1. GenZ spends only a small portion of income on non-essentials like gadgets, entertainment and clothes
- 34% spend about 15% of their pay
- 33% spend up to 25%
- 22% of respondents spend only a tenth of their pay on non-essentials
- 9% spend half their salary on non-essentials
- 2% spend up to 60%
2. Saving and investing are important for this age group
- 39% are saving a quarter of their salaries
- 30% are saving up to 15%
- 17% are saving up to 10% of their earnings
- 9% are saving half their salaries
- 4% are saving 60% of their pay
- 1% is keeping away 80% of their pay
3. Family, friends and colleagues are those GenZ turns to the most for financial advice
- 40% of respondents turn to family for honest investment advice
- 26% approach friends and colleagues
- 9% listen to social media experts
- 8% heed other banks and advisers
- 8% turn to their banks and financial advisers
- 4% follow celebrity advice
- 4% listen to their social media friends
4. GenZ is looking beyond bank deposits to invest money in
- Bank deposits: 34%
- Mutual funds: 19%
- Gold and real estate: 17%
- Insurance policies: 17%
- Equity shares: 8%
- Company bonds: 6%
5. They mostly borrow money for higher education of self or a relative
- 25% borrow money for higher education
- 21% for vacations
- 19% to buy a new gadget
- 17% to build a house
- 10% borrow for the marriage of a family member
- 8% for emergencies
6. Banks and NBFCs are the preferred lenders
- 30% tend to borrow from family
- 29% borrow from banks
- 22% take money from friends and colleagues
- 10% opt for nonbanking financial institutions
- 10% turn to local money lenders
7. Most think it is a good idea to borrow from established lenders
- 31% say borrowing is a good way to build assets
- 31% think borrowing is ok in case of emergencies
- 20% say it’s not wrong to borrow to lead a good lifestyle as long as one can pay back loan
- 18% find interest rates exorbitant and do not approve of borrowing
8. During festival sales and discounts, GenZ spends the most buying for family
- 70% buys gifts for family
- 44% buys for friends
- 42% purchases gifts for self
- 19% spends on colleagues
- 14% on business contacts
Source: Tata Capital. The research was conducted by Innovative Research Services (India), by interviewing 1,010 respondents.
