Summary:
- Over 50% of Indians feel their monthly savings are inadequate for future needs like healthcare, education, or retirement, per a YouGov-Edelweiss survey of 4,000 adults.
- 60% of respondents aged 35–54 (“sandwich generation”) struggle to balance caregiving for parents/children and debt, with 49% relying on credit cards for non-essential expenses.
- Half of surveyed individuals face mandatory debt repayments monthly, and over 50% borrow for emergencies, vacations, or home repairs.
- Experts warn stagnant wages, rising living costs, and poor financial diversification threaten long-term security, urging emergency funds and structured investments.
A new national survey reveals more than 50% of Indians believe their monthly savings fall short of addressing future financial needs. Conducted by YouGov and Edelweiss Life Insurance, the study highlights acute financial stress among adults aged 35–54, often termed the “sandwich generation,” who juggle caregiving for aging parents and children while managing household expenses.
The survey, polling 4,000 respondents across 12 Indian cities, found 60% of participants admit their current savings cannot cover long-term goals like healthcare, education, or retirement. Nearly half (49%) rely on credit cards for discretionary spending, while 64% save regularly but struggle to build sustainable income streams.
“This generation is trapped between dual responsibilities and debt, eroding their financial stability,” said Sumit Rai, MD and CEO of Edelweiss Life Insurance. “Despite 94% claiming to follow financial plans, many exhaust their savings by month-end, leaving little for emergencies.”
Key findings include:
- 50% face mandatory monthly debt repayments
- Over half of 35–54-year-olds borrow for vacations, home repairs, or emergencies
- Rising dependence on credit cards threatens short-term financial security
Experts warn stagnant wage growth against escalating living costs and family obligations exacerbates savings gaps. The report urges prioritizing emergency funds and diversified investments to mitigate long-term risks.
The survey underscores systemic challenges in India’s financial planning landscape, with middle-aged earners disproportionately bearing the weight of intergenerational caregiving and debt.
