Indian consumers cannot account for an average of Rs 383 per week in cash spending, adding up to almost Rs 20,000 per year, according to a new survey commissioned by payments technology company Visa.
Younger adults between the ages of 18 to 24 claim to lose track of almost Rs 24,000 annually, 20 per cent more than the average amount, the survey said.
The international survey of more than 12,000 adults in 12 markets around the world (including 1,000 Indian consumers and 1,000 US consumers) asked respondents to estimate their "mystery spending," or cash they spend but cannot account for every week.
Surveyed Indians said they were most likely to mystery spend while shopping for food or other groceries (60 per cent); buying snacks (36 per cent); leisure shopping/shopping for non-essentials (29 per cent) and dining out (28 per cent) constituted their expenses.
Additionally, 73 per cent of Indian consumers believe that making lot of small cash purchases makes it hard to track spending, it was stated.
