How People Of Different Age Groups Spend Their Money

People in the age group of 18-25 mostly prefer savings a/c and take education loan whereas people in the age group of 25-35 mostly prefer savings a/c, personal loan and two wheeler or car loan, insurance such as motor insurance, current a/c, and credit card.

People in the age group of 35-45 mostly prefer insurance such as term plan, child plan or health insurance, loans such as gold loan, business loan, they also prefer investing in mutual funds and opening a demat a/c. people in the age group of 45-55 mostly prefer insurance such as pension plan, personal loans and fixed deposits. People in the age group of 55-65 only prefer fixed deposit.

49% of the customers are attracted to HDFC Bank because of interest rates on investment and lending. They also became a part of HDFC Bank because of positive word of mouth from relatives and friends. 15% of them became a part of HDFC Bank due to easy accessibility to the branch for banking requirements. 7% of them are influenced by the advertisements on televisions and billboards.

Almost every customer of HDFC Bank i.e, 92% of them are fully aware of the products and services provided by the bank whereas 8% of them are not aware of the different products and services of the bank.

It was found that 88 customers are having savings a/c with HDFC Bank. Most of them i.e, 48 customers have also made fixed deposit, 40 of them are having current account, 32 possess a credit card and 23 have taken loan such as education loan, gold loan, home loan, personal loan. While only some of them i.e, 12 and 3 customers have invested in mutual funds and opened demat a/c respectively as they are risky products. Only 19 of them have taken insurance such as motor insurance and health insurance.

Majority of the customers’ i.e, 29, 32 and 39 of them are interested in services such as fixed deposit, loans and credit card respectively. Only 22 customers are interested in insurance, mutual funds, savings a/c and current a/c whereas no one was interested in opening a demat a/c. For penetrating these products cross selling strategy is used.

48% of the customers will like to avail other products of HDFC Bank because of the interest rates offered, 40% are influenced to avail other products because of value added benefits and features such as free insurance, exclusive loan offers, minimal documentation, 7% are influenced by the quality of service provided such as speedy and transparent processing while 5% are influenced by the encouragement and motivation provided by the bank staffs to avail other products and services of HDFC Bank.

Most of the customers would like to avail net banking facilities and only 2 of them would like to avail phone banking facility while 16 of them would like to register for bill payment facility.

87% of the customers are satisfied with the products and services of HDFC Bank while 4% of them are dissatisfied with the services of HDFC Bank.

86% of the customers will most likely recommend the services of HDFC Bank to their friends and colleagues.