The evolution of financial services and savings trends in India
India recently cro ssed the UK to become the 5th largest economy in the world with a per capita income of $2000. The IMF expects the per-capita income to grow at 6% till March 2025 (FY25). At $2,000 levels, income crosses the minimum expenditure level & incremental income is used for spending & investments. Relationship with money Our relationship with money evolves as we advance in life. Generally, the first generation of any family prioritises survival while the second generation focuses on basic needs like food, shelter & clothes. Once the basics are taken care of, the third generation naturally takes it further & transitions from needs to wants.