Urban Indians up on buying little joys of life: Study

MONEY TALK: Thirty five per cent urban families earn enough to both cover their needs and save.

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New Delhi: CNN-IBN DNA poll conducted by Centre for the Study of Developing Societies suggests that the new Urban Indians are no longer hesitant in buying themselves the little joys of life.

Citizen Aloka says, "Money is important to maintain your standard of living. It is not important to have hoards of it"

The value of money for the Indian family has seen a significant change.

Fifty four years ago, senior citizen Das got his first paycheck which was a paltry 385 rupees as a second lieutenant in the Army.

Today, the entire family complete with son, daughter-in-law and grand children end up spending many times that amount on a family dinner

Das says, “A youngster now is much more aware. He buys a scooter, a car, a property and life insurance very early in life.”

For the Das family, the attitude towards wealth has changed.

Son Anirudh and daughter- in-law Preity brought double incomes to the house. With some wise financial decisions, the couple have made sure they have saved enough for the rainy days and make no qualms about splurging.

The Das family are among a third generation of Urban Indians who earn enough to spend as well as to save.

The survey shows that 35 per cent urban families earn enough to both cover their needs and save, 30 per cent earn enough to be able to manage their needs well, and 29 per cent say they are not able to earn enough to even cover their needs.

Youngster Preeti says, "We never deprive ourselves of the little pleasures of life and the happiness that you get out of buying something or eating out.”

Spending and consumerism are no longer bad words. It is a generational shift and within the Das household the verdict is clear—the son and daughter-in-law have managed the family funds far better than their parents.

Ostensibly, the proverbial ‘money saved is money earned’ somehow seem to appear blurry in the present scenario with the third generation already influencing buying patterns.