More than 84% of millennials in India have a wealth management strategy to prepare for future contingencies while also seeking other opportunities for stronger and sustainable growth in the post-pandemic world, according to a recent report by CASHe, a AI- financial wellness platform.
The study conducted with 30,000 customers on their platform also reveals that Covid has changed the daily behavior of millennials on a variety of topics such as health, travel, shopping, savings and appetite for credit.
While more than 65% of the respondents in this study came from the metropolitan markets of Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai, the remaining 35% came from other Tier 2 and 3 cities.
Growing Financial Awareness Among Millennials
The report shows that Millennials have developed a holistic awareness in terms of financial planning as they also focus on savings, investments and insurance. More than 50 percent of respondents said they had increased their savings and almost 13 percent had engaged in more extensive investment programs.
There has also been a decline in the habit of shopping. For a better wealth management strategy, 38% of respondents have definitely switched to online shopping, while 45% preferred to opt for a hybrid shopping model based on their choice of items.
Health insurance is a top priority
Covid has taught the importance of health insurance and life covers to the majority of Indians and millennials are no exception. The study shows that nearly 35% of respondents have comprehensive health and life insurance plans.
Not only are they buying health insurance plans, but they are also choosing a healthier lifestyle for themselves overall. There has been a growing awareness of their health after Covid. According to the report, more than 71% of millennials have become more health conscious amid the pandemic. Keeping both financial and health aspects in mind, 54% of respondents said they now prefer to eat healthy homemade food.
“Millennials have the potential to redefine the story of investment and consumption in India, which will play a vital role in shaping our country’s economy in the post-pandemic era,” says V. Raman Kumar, Founding Chairman of CASHe.