Gallup Pakistan Survey: 73pc complain of dwindling savings amid inflation

KARACHI: The high cost of living has badly affected the saving ability of Pakistani citizens as seven out of 10 persons are complaining of a decline in their savings.

It was revealed in a Consumer Confidence Index survey report issued by Gallup Pakistan and Dun & Bradstreet. As many as 2,000 respondents across the country participated in the survey.

The majority of the respondents expressed concern over shrinking savings in the survey due to inflation. Around 73 percent of Pakistani individuals complained of dwindling savings in the latest survey as compared to 60 percent, who were irked by reduction in savings amid crippling inflation.

Besides, those who had claimed an increase in their savings in the last survey, their rate also went down by 7 percent to 5 percent in the latest survey. Similarly, there was a 4 percent decrease in the tally of those who had said in the last survey that inflation did not cast any impact on their savings. In the latest survey, the savings of only 21 percent individuals remained unfazed of inflationary pressure.

Unfortunately, a sizeable number of respondents did not foresee improvement in savings in the latest survey as 51 percent of Pakistani citizens expressed dismay over better saving prospects.

The survey showed 7 percent decline in the tally of those who had been optimistic for an increase in their saving in the last survey. Now, only 17 percent foresee hike in their savings.

In addition, those who were indifferent about a possibility of an increase in their savings in future, their rate jumped to 23 percent from 19 percent in the last survey.