Thread by @Select_Finology

According to a survey - 57% of all Indians (around 80.7 crores) have less than ₹5,000 in their savings account or emergency fund 🤯

This is an alarming statistic that highlights the lack of a savings culture in India ⚠️

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One of the reasons for this could be the widespread adoption of digital payments in the country 📲 💳

While digital payments have made transactions easier and more convenient, they have also made it easier for people to spend money without realizing it 💸

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With digital payments, people are no longer limited by the amount of cash they have in their wallets.

They can simply use their phone or card to make purchases 🛍️, often without even thinking about the money they are spending 🤔

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This has led to a situation where people are spending more than they are saving, which can have consequences in the long run 🛑

Without a savings culture, people are more vulnerable to financial shocks such as job loss, medical emergencies, or unexpected expenses 😲

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In conclusion, while digital payments have undoubtedly made our lives easier, they have also contributed to a culture of spending over saving 🛒

To ensure financial stability and security in the long run, it is essential that we prioritize savings 👜

Do you think that with an increase in digital transactions, people will have less money in their savings?

#savings #personalfinance