It isn’t any secret that the coronavirus pandemic and the nationwide lockdown has severely impacted the financial well being of many salaried {and professional} people. A current survey by IndiaLends, a new-age digital lending platform, discovered that 82 per cent respondents are struggling to make ends meet.

The nationwide survey of practically 5,000 respondents discovered that 94 per cent must be additional cautious about how they spend their cash within the subsequent few months; 84 per cent have been reducing again on spending; and 90 per cent expressed concern about their financial savings and financial future.

Here are extra findings from the survey
Significantly, the survey revealed that the respondents wouldn’t be averse to taking a mortgage to tide over the current disaster – practically 72 per cent stated they might go for a private mortgage within the speedy future to fulfill high-priority bills corresponding to debt reimbursement, necessities and medical, training charges, and residential repairs and renovation. As per IndiaLends knowledge, 71 per cent of its prospects had current loans out of which 45 per cent had utilized for the moratorium on account of their incapability to repay their money owed.

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Gaurav Chopra, Founder and CEO, IndiaLends stated, “The pandemic has changed the way we all function, affecting our physical, mental, emotional and financial well being. Salaried individuals and professionals, in particular, are coping with the potential burden of job losses and pay-cuts. The impact on their income and savings has seen a growth in demand for retail loans. In these circumstances when finances are stretched and assets are not easily accessible, it is important for individuals to examine their financing options – such as personal loan or line of credit – and plan accordingly for the weeks and months ahead.”

According to the IndiaLends survey, the financial uncertainty and the state of particular person funds has additionally impacted their investments, with 76 per cent of the respondents saying they’re in no place to contemplate recent investments presently.

Future of bills

How will your bills within the following classes be impacted put up COVID19? Increase Decrease Will stay unchanged
Essentials 40% 27% 28%
Apparel and equipment 17% 63% 16%
Travel/ vacation 9% 76% 11%
Entertainment (out of dwelling) 12% 73% 11%
Travel 10% 75% 11%
Luxury items buy 10% 75% 11%
Furnishing and durables 12% 68% 15%
Vehicle purchases 11% 70% 14%
Home rental 25% 33% 37%

Source: IndiaLends

As evident from the desk above, 40 per cent of respondents stated their deal with bills for important objects would enhance, whereas over 70 per cent stated they might spend much less on non-essentials together with leisure, luxurious and life-style within the post-Covid interval.

Click here to download ET Online’s guide to everything personal finance in the times of Covid-19