Hyderabad, May 16 (FN Representative) Financial health remains tenuous while consumers grounded their needs and empty savings amid rising hospital expenses and dealing with a job loss, said Way2News in its survey report released here on Friday. Navigating through the financial impact of a pandemic is Indian consumers’ biggest scare. Covid-19 has touched each of our lives one way or the other and besides health and emotions, managing finances has also been a priority, the survey said.
Covid-19 rooted in for 15-months straight has upended personal and economic lives of many. Triggered financial sentiments, behaviors and the needs of financial decision makers are going to leave consumers blistered for good. But, resurgence in finances has forced many to stricter restrictions, it said. While experts are alarmed about the measures of Indian consumers to manage finances, India has already battered its savings, and begun migrating to unauthorized/fraudulent loans to absorb pandemic shock, reports Hyperlocal headquarters of India, Way2News.
During the survey, Way2News interacted with 3 Lakh rural households on the financial impact and its stress since the inception of coronavirus in their lives. Indian households fell weak, as their current management of running finances shook , the survey said that nearly 28 percent of households said hospital expenses have surged and 24 percent of the sample have incurred a job loss that made their financial situation go bonkers. While job loss and pay cuts are a direct impact, consumers might have been left with savings that would cover their expenses for only months to come, which is a very dangerous sign, the survey revealed. On the brighter side, 21 percent, a huge number of consumers shelled out money on nutrition and hygiene that significantly affected their finances, quoted the survey.
To top it off, 12.5 percent respondents have reported reduced income that is inversely related to the resurging spends, savings and spending. Overall 49 percent of respondents’ financial schema went haywire already, with upending hospital bills and trying to stay healthy and clean months into the second wave uproar, it said. Remember, consumer confidence is a key aspect of financial recovery and right now it is giving them judders. The lag will directly affect spending and ultimately affect nutrition and protection which might be the scenario in months to come as financial capability of Indians is about to get hit, the Survey stated.