# TFFP - Talking to Users ## Demographics - Age group: 24-28 - City: Tier-1/Tier-2 - Gender: 3M:2F - People in IT/Product companies ## Do you save money? - People who are aware of Personal Finance are keep minimal amounts of money in their savings accounts. Because of the pandemic's crazy exposure to the stock market and the subsequent bull run, more people invest in high-yield equity products. - Folks who are not as aware of the stock market are not exposed to the network effects of Tier-1 cities and hence are much more conservative, they also have investments but a majority of their wealth is in the bank. - Outlier who lives in Japan, earns 3-4L per month, but keeps everything in the bank account. ## What do you save for? People in the interview's age group do not have big goals right now saving for Home/Car Hobbies - DSLRs, Graphic Cards Devices - iPhones, Macbooks ## What was the last thing you purchased that you saved for? - iPhone - DSLR around 70k - Graphics card around 60k - Gaming laptop ## How did you save for it? - No other financial instruments other than bank account is used. - If a substantial sum is left, they will use: - Zero interest loans from family - No-cost EMI - Credit Card > *The biggest insight about this is that the positioning of this products are post purchase, so we see emotions related to sunk cost and hindsight bias* - For small purchases, they save for 1-2 months ## Did you face any problems while saving for it? - Using your primary bank account can lead to attending to your other expenses. - People who are not financially literate enough to invest in alternative products.