how salaried indians are trying to cope with rising expenses

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  • More than 75% of Indians are resorting to a secondary source of income to cope with the rise inflation.
  • Freelancing and stock trading were among the most chosen side gigs for additional incomeaccording to a UserTesting report, shared exclusively with Business Insider.
  • Inflation has started to eat away at the wages of middle-class Indians after inflation hit an eight-year high in the past few months.

There is no doubt that Indians are facing the brunt of price hikes when it comes to basic commodities like bread, gasoline and more. To cope, more than 75% of them resort to a secondary source of income.

A report by UserTesting, shared exclusively with Business Insider, reveals that freelancing and stock trading were among the most chosen side gigs for extra income by Indians.

“As inflation heats up, old motivations for side shovessuch as debt repayment and savings, have been replaced by a more pressing need: to make ends meet,” the report says.

Inflation has started to eat away at the wages of middle-class Indians after inflation hit an eight-year high in the past few months. Those who haven’t received generous reviews see their savings dwindle, while others struggle to keep up with their budget.

Car travel, shopping and entertainment are also affected

Not only that, inflation has also pushed Indians to replace their favorite stores. About 65% of respondents said they buy generic or local brands instead of branded products to save money – a concept called downtrading by FMCG companies. More than half of Indians have turned to local brands, whether groceries or clothing. They also shop more at local kirana stores as opposed to department stores.

Entertainment and Hobbies are often seen as expensive and something that can easily be avoided, so 60% of respondents decided to reduce these expenses, according to the report.

Survey respondents also mentioned that they minimize personal car trips and opt for public transport in order to reduce their gas expenses.

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