More than 84 per cent of millennials in India have a wealth management strategy to be prepared for future contingencies while they are also looking for other opportunities for stronger and sustainable growth in the post-pandemic world, finds a recent report by CASHe, an AI-driven financial wellness platform.
The study conducted among 30,000 customers on their platform also finds that Covid has altered the everyday behaviour of millennials across a variety of topics such as health, travel, shopping, savings and credit appetite.
While more than 65 per cent of the respondents for this study were from the metro markets of Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai, the rest 35 per cent were from other tier-2 and tier-3 towns.
Growing Financial Awareness Among Millennials
The report shows that millennials have developed a holistic awareness in terms of financial planning as they focus equally on savings, investments and insurance. More than 50 per cent of the respondents mentioned that they have scaled up their savings and nearly 13 per cent are committed to the more extensive investment programmes.
There has been a decline in the habit of shopping too. For a better wealth management strategy, 38 per cent of the respondents have permanently shifted to shopping online, while 45 preferred to go for a hybrid model of shopping depending on their choice of items.
Health Insurance Is A Top Priority
Covid has taught the importance of health insurance and life covers among the majority of Indians and the millennials are no exception. The study shows that nearly 35 per cent of the respondents have purchased comprehensive health and life insurance plans.
Not only do they buy health insurance plans, but they have also chosen a healthier lifestyle for themselves overall. There has been a growing health consciousness among them post-Covid. As per the report, more than 71 per cent of millennials, have grown more health-conscious amid the pandemic. Keeping in mind both the financial aspects and the health aspects, 54 per cent of respondents said they now prefer eating homemade healthy food.
“Millennials have the potential to redefine India’s investment and consumption story, which will play a critical role in shaping our country’s economy in the post-pandemic era,” says V. Raman Kumar, founder chairman, CASHe.
