In Pakistan, Pulse Consultant recently conducted a consumer-based study, and alarming results about people’s financial situations were found. The purpose of the study, which included 1,180+ respondents from Pakistan’s top 10 cities, was to determine how well people could afford their monthly costs given their present salary. The findings highlighted the financial difficulties that a sizeable segment of the population is currently experiencing. In simpler terms, majority of Pakistanis can’t make their both ends meet.
However, 40% of the respondents stated that their present salary was sufficient to support their living expenses. However, a more thorough examination of this group produced some interesting findings. Only 28% of respondents who said their expenses were covered claimed to save money from their present income, with the remaining 72% saying they were unable to do so. It’s interesting to note that female respondents appeared to have more difficulty conserving money, with 82% of them indicating this incapacity compared to 71% of their male counterparts.
Several coping strategies showed up among the 60% of respondents who struggled to cover their expenses. Borrowing money became necessary for 37% of them to close the financial gap. Notably, a higher percentage of men (39%) than women (29%) used borrowing as a last choice.
In order to supplement their income, 22% of individuals who were having financial difficulties said they had taken on extra part-time jobs. Males (39%) who frequently took on the burden of providing financially for their families had a higher prevalence of this than females (29%) did.
Additionally, 40% of respondents said that cutting expenses had become their only practical choice. 46% of the women and 38% of the men who responded to the survey said they had used this tactic.
The study’s findings portray a worrying picture of Pakistan’s economic situation, showing that a sizeable section of the population struggles to make ends meet. Lack of access to essentials, increased financial stress, and slowed economic growth for both people and the country as a whole can result from being unable to pay monthly bills.
Also Read
Both the public and commercial sectors will need to make extensive efforts to address these issues. Initiatives that support economic growth, job creation, and income equality should be the main priority of policymakers. In order to equip people with the knowledge and skills needed to effectively manage their finances and make decisions, financial literacy programmes are also required.
Additionally, it is critical for employers to provide decent pay and job opportunities that meet the requirements of the community. People can have a better chance of covering their bills and increasing their overall financial well-being by being given stable jobs and adequate pay.
The results of this consumer-based survey ultimately show how urgent it is to address the financial difficulties that a sizable proportion of Pakistanis experience. It is feasible to lessen the effects of financial hardship and promote a more financially inclusive and prosperous society for all through coordinated efforts and focused interventions.
