Lifestyle inflation hinders savings despite salary hikes

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Despite salary increases, many Indians struggle to save due to "lifestyle inflation," where spending rises with income. A survey found only 24% of Indians are financially literate, lacking basic budgeting, saving, and investment knowledge, leading to debt and stress. Experts advise budgeting, tracking expenses, and using the 50:30:20 rule to balance needs, wants, and savings for financial stability.


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Lifestyle inflation hinders savings despite salary hikes | News Minimalist