COVID-19 impact: 82% Indians bear financial brunt of pandemic

New Delhi: The coronavirus pandemic has severely affected the financial health of salaried and professional individuals with 82 percent of Indians saying they are struggling to make ends meet, according to a recent survey by IndiaLends, a digital lending platform.

94 percent said they would have to be extra careful about how they spend their money in the next few months; 84 percent said they were cutting back on spending and 90 percent expressed concern about their savings and financial future, the nationwide survey of nearly 5,000 respondents said.

Significantly, the survey also revealed that the respondents would not be averse to taking a loan to tide over the present crisis — nearly 72 percent said they would opt for a personal loan in the immediate future to meet high-priority expenses such as debt repayment, essentials and medical, education fees, and home repairs and renovation.

As per IndiaLends data, 71 percent of its customers had existing loans out of which 45 percent had applied for a moratorium due to their inability to repay their debts.

The economic uncertainty and the state of individual finances has also impacted investment with 76 percent of the respondents saying they are in no position to consider fresh investments at this time.

40 percent of respondents said their focus on expenses for essential items would increase, while over 70 percent said they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-COVID period, as per the survey. Desk: Asianet Online