High cost of living affected saving ability of Pakistani citizens

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 News reported. The majority of the respondents expressed concern over shrinking savings in the survey due to inflation.

Around 73 per cent of Pakistani individuals complained of dwindling savings in the latest survey as compared to 60 per cent, who were irked by reduction in savings amid crippling inflation, The News reported.

Besides, those who had claimed an increase in their savings in the last survey, their rate also went down by 7 per cent to 5 per cent in the latest survey. Similarly, there was a 4 per cent 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 per cent individuals remained unfazed of inflationary pressure. Unfortunately, a sizeable number of respondents did not foresee improvement in savings in the latest survey as 51 per cent of Pakistani citizens expressed dismay over better saving prospects, The News reported. The survey showed 7 per cent decline in the tally of those who had been optimistic for an increase in their saving in the last survey. Now, only 17 per cent 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 per cent from 19 per cent in the last survey. (IANS)