POSITIVITY OF THE IMPACT:
As it is said, everything has a positive side; also, the COVID-19 pandemic and lockdown have taught us that we should not keep every single thing for the last moment. It is clear now that we cannot get everything just like that. Notably, India had also been passing through a pre-pandemic slowdown, according to the World Bank. Salary hikes, regular flow of incomes, and easy availability of credit are some of the factors that defined how people earned and spent money during pre-Covid days. Most of the people applied for loans for personal consumption.
Very little aimed at creating new assets. But now the scene is different. Minds of people are changing as it is necessary to build assets for the primary need instead of a luxury. Conservation of cash is a priority now. Now, people are aware to save more for a secured future. Investing in different types of insurances like health and life insurance, will allow you to deal with the situation in a better way.