Indians lose track of Rs.20,000 Per Year

Do you keep track of all the expenditures you make? According to a recent survey commissioned by payments technology company Visa, Indian consumers cannot account cash spending of Rs.383 per week on an average. This means Indians loose track of almost Rs.20,000 per year.

The survey also states that younger adults between the ages of 18 to 24 loose track of their spending more than others. The teenagers claim that they cannot account for almost Rs.24,000 per year, which is nearly 20 per cent more than the average amount.

This ‘mystery spending’ survey was conducted internationally where more than 12,000 adults in 12 different markets including 1,000 Indian consumers and 1,000 US consumers were interviewed.

According to the survey, 60 per cent of the Indian consumers said that they were most likely to track loose of their account while shopping for food or other groceries, 36 per cent while buying snacks, 29 per cent while leisure shopping or shopping for non-essentials and 28 per cent while dining out.

It was also stated that 73 per cent of Indian consumers believe making lots of small cash purchases makes it hard to track expenses.

Source: The Financial Express