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From Tax relief to tangible choices: how India's wallets are being reshaped
At Home Credit India, The Great Indian Wallet Study enters its fourth edition in 2026. The study captures the voices of lower middle-class borrowers aged 18-55 across 17 Indian cities, representing Metro, Tier-1, and Tier-2 markets. Respondents reported an average monthly income of approximately ₹35,000 and provide a unique window into how India's emerging consumers earn, spend, save, borrow, and aspire.
This year's study explores how GST rationalisation, tax reforms, and improving affordability have reshaped household finances across India. For the first time in the history of the study, consumers report meaningful surplus income, stronger savings, greater investment confidence, and renewed optimism about achieving long-term goals.
Based on insights from borrowers across 17 cities, this fourth edition reveals how policy-led relief is translating into real-life financial decisions, helping households move beyond managing expenses to actively building their futures.
This is the story of how lighter bills became the foundation for bigger dreams.
“ Every year, this study begins with a simple question: How did your month go? This year, the answers reflected something new. For the first time, India's lower middle class wasn't merely managing expenses; they were making choices about their future. GST 2.0 did more than lower prices. It created financial breathing room. Households used that room not for excess, but for education, savings, health, and long-term aspirations. What stood out wasn't the relief itself, but the discipline and determination with which consumers redirected it. The Earners, Dreamers, and Doers who form the backbone of India's growth story continue to demonstrate remarkable resilience. As this study shows, when households gain greater financial flexibility, they invest it in building stronger futures for themselves and their families.
At Home Credit India, we remain committed to understanding and enabling those aspirations through accessible, responsible, and customer-centric financial solutions.”
Ashish Tiwari
How GST 2.0 Rewired India's Wallet
Tracking the Consumer Financial Well-Being Index alongside real, on-ground impact of GST rate cuts - what became more affordable, what households actually did with the difference, and how it reshaped their sense of control.
Aspirations vs Affordability
Understanding how households are prioritising spending as affordability improves - not spending more, but spending smarter, and deciding what can wait versus what can't.
Responsibility Meets Independence
Exploring how younger India balances ambition with accountability - a generation that doesn't reject credit but is learning to use it with intent.
The Digital Evolution of India's Wallet
Examining how digital payments, fintech, and AI-powered tools have moved from convenience to companion - shaping how India tracks, borrows, and plans.
India's dreams have not changed. What has changed is the confidence to pursue them. The Great Indian Wallet Study 2026 reveals a lower middle class that is saving more, planning further ahead, embracing credit responsibly, and investing in the future with renewed conviction. Lighter bills didn't just ease budgets. They expanded what households believe is possible. India's lower middle class continues to convert every opportunity into lasting progress through savings, education, entrepreneurship and home ownership.
Please write to us at media@homecredit.co.in for any relevant queries.
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