Across Indian cities, car, house purchase plans take backseat
Representational image (Photo: HT)
Ankita Barthwal,
Satyam Shukla
Most people saved money as cash or cash-like liquid instruments rather than in long-term deposits or investments which offer higher return, the latest YouGov-Mint-CPR Millennial Survey shows
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The ongoing economic crisis has taken a heavy toll on personal finances of Indian citizens. Many have dipped into their past savings to meet monthly expenses, and many haven’t been able to repair household balance sheets, or plan for the long term. The preference for cash and cash-like instruments, such as savings accounts, went up sharply in urban India, while the appetite for long-term investments and big-ticket purchases, such as cars and houses, declined.