Majority spend first pay check on gifts for family: study

HighlightsThe Bharat Lab's research report "My First Salary" reveals the profound emotional significance of first paychecks for young earners in India's Tier 2 and Tier 3 cities, emphasizing it as a cultural milestone. The study found that 88.5 percent of women perceive their salary as a symbol of personal freedom, with 44.6 percent of participants choosing to inform their mothers first about their earnings. The report recommends that fintech platforms provide flexible investment options, policymakers reassess entry-level salary benchmarks in semi-urban India, and educational institutions enhance financial literacy, especially for women.
Rediffusion and Lucknow University's joint think tank, The Bharat Lab, has unveiled a new research report titled "My First Salary," delving into the
financial behaviors
and
emotional experiences
of young earners in India's
Tier 2 and Tier 3 cities
. The study, which surveyed 2,125 individuals, highlights that a
first paycheck
is more than just a financial event—it is a cultural milestone with significant emotional weight.
Sandeep Goyal, co-chairman of Bharat Lab, said, "A first salary is more than a transaction. It's a declaration of independence, a family ritual, and often, a quiet revolution—especially for women."
Alok Kumar Rai, chairman of Bharat Lab, added that the research reflects the "heartbeats of the nation" and speaks to a broad audience, not just economists.
Key findings reveal that 38.8 percent of respondents spent their first salary on gifts, primarily for family, while 24.5 percent saved their income and 20.4 percent donated to religious or social causes. Notably, 88.5 percent of women viewed their salary as a symbol of personal freedom. Furthermore, 44.6 percent of participants informed their mothers first, underlining the importance of family bonds. The report also highlighted that one in three women opt to buy gold with their first income.
Regarding Gen Z in Bharat, 76 percent prefer
flexible investment models
over rigid monthly SIPs, often linking investments to personal goals. This indicates a desire for personalized and adaptable financial planning.
Based on the findings, the report provides recommendations for various stakeholders. Fintech platforms are advised to introduce flexible investment options, policymakers should reconsider entry-level salary benchmarks in semi-urban India, marketers should focus on emotional themes in their campaigns, and educational institutions should integrate financial literacy, particularly for women, into their curricula.

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