54% families saw decrease in income during Covid-19, finds Money9 Survey

During Covid, that is, in the last three years, the income of 44% Indian families, has decreased. There was no difference in the income of 49% of the families. Income of only 7% of households increased, according to a survey by Money9.

Money9 conducted the country’s first and largest personal finance survey, which tells the state of your pocket. This survey tells how much you earn, how spend, how much you invest and where do you invest it? We have tried to get all this information for you in this survey conducted between May and September this year. The survey also included the impact of Covid and tried to find out how much Covid has affected people’s pockets and lives..

During Covid, that is, in the last three years, the income of 44% Indian families, has decreased. There was no difference in the income of 49% of the families. Income of only 7% of households increased, according to a survey by Money9.

Money9 conducted the country’s first and largest personal finance survey, which tells the state of your pocket. This survey tells how much you earn, how spend, how much you invest and where do you invest it? We have tried to get all this information for you in this survey conducted between May and September this year. The survey also included the impact of Covid and tried to find out how much Covid has affected people’s pockets and lives..

According to income group, only 3% of families earning Rs 15,000 per month saw an increase in their income, 54% of their income decreased and 43% of their income did not change. Among households with a monthly income of Rs 15,000 to 35,000, 38% saw a decrease in income, 43% had no change in income and only 7% saw an increase in income. In contrast, 34% of families in the Rs 35,000 to Rs 50,000 income bracket saw a decrease in their monthly income, 51% had no change in their income and 15% had an increase in their income. Finally, talking about the income group earning more than Rs 50,000, during Covid, the income of 32% of the families of this group decreased, the income of 46% remained the same and the income of 22% of the families increased.

Migrant labourers returning home from big cities during Covid-19, fall in the category of earning less than Rs 35,000 per month, which is the category that had no savings to deal with bad times and that is the reason is that these labourers were forced to return to their homes because it was difficult for them to survive even a month in the cities without any income.

Now to go back a little more than the Covid period, the survey tried to find out whether people dipped into their savings in the last five years and if did then why did they do so? According to the survey, about 47% of people in India have not broken their savings in the past 5 years. But those who did, why did they break the savings? The answer was that most families, ie., 18% of them did it because of healthcare, illness, 19% because of job loss. At the same time, 7% of people broke their savings for children’s education, 4% for marriage, and 3% for loan repayment.