As per the Reserve Bank of India (RBI) data, net financial savings of households fell to a nearly five-decade low of 5.1% of GDP in FY23, down from 7.2% in FY22. For India, which has been known as a country with good savings habit, this news is worrisome.Calendar year 2023 has seen some record numbers in car sales which have crossed 4 million units for the first time in history. iPhone sales also hit never-before-seen numbers in India in the year. While we have made record spends on luxury in the year, we cannot afford ditching savings for a secured future.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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