Indian professionals grow optimistic on personal finances ahead of festive season: Survey

Ahead of the festive season, Indian professionals are showing increasing optimism towards their personal finances, and expect earned income as well as personal spending to increase, as per a LinkedIn survey.

According to the 16th edition of the Workforce Confidence Index, Indias overall workforce confidence continues to rise steadily with a composite score of 53, up 8 points from 45 in September.

Based on the survey responses of 2,022 professionals for the weeks of October 5 – November 1, the pre-festive season findings reveal Indias improving financial outlook, as Gen X and millennial professionals expect their earned income and personal spending to increase.

Millennials, also known as Generation Y, are generally considered to be those born during the 1980s to mid-1990s and Generation X are those who were born between (1965-1980).

This surge in confidence is largely fuelled by the rising optimism of Indian professionals towards their personal finances, with 1 in 3 professionals expecting an increase in their earned income (30 per cent), personal spending (35 per cent), and recurring debt payments (33 per cent), the survey noted.

This optimism is shared mutually across generations as findings show 2 in 5 Gen X (40 per cent) and millennial (41 per cent) professionals expect their earned income and personal spending to rise in the next six months, the survey said.

Moreover, most Indian professionals, across generations, were concerned about their career progression while working remotely during the pandemic.

Further, as lockdown restrictions continue to ease across the country, and professionals slowly return to work, many are still concerned about being safe when working on-site in the current scenario.

Looking towards the post-pandemic future, about 1 in 2 healthcare (56 per cent) and manufacturing (49 per cent) professionals say they will mostly or only work on-site, while 2 in 5 education (39 per cent) and finance (44 per cent) professionals anticipate being in a workplace that offers both physical and remote models after the pandemic.

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