Close to 41% of India's citizens remain financially excluded with no access to formal banking services. There is increasing evidence, nevertheless, that these low-income households actively seek ways to save and invest their limited resources.
In order to understand how these people save and the relative risks involved, MicroSave conducted a study in three different Indian states - Rajasthan, Uttar Pradesh, and Tamil Nadu this past year. Specifically, the research seeks to answer the following questions:
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How do poor people save and what works best for them among the formal, semi-formal, and informal choices available?
Why do they choose one investment or savings versus another, and what atttributes are most important in this decision?
What are the risks involved, and how are they different for formal, semi-formal and informal savings?
Have their savings and investments changed in the past five-ten years? If so, how and for what reasons?
Do the rich save differently from the poor? How do people with limited savings perceive these differences and why?
Relative Risk to the Savings of the Poor - Rajasthan
, Uttar Pradesh
, Tamil Nadu