84% millennials have stepped up wealth-management strategy: report
NEW DELHI: More than 84% millennials across the country have stepped up wealth management to prepare for future contingencies while eyeing opportunities for stronger and sustainable growth in a post-pandemic world. This is the finding of a survey ‘Millennial Mood Index 2021’ by CASHe, an AI-driven financial wellness platform.
The pan-India survey was conducted among more than 30,000 customers on CASHe’s platform, and aimed to capture the impact of the Covid-19 pandemic on everyday behaviour of millennials across a variety of topics such as health, travel, shopping, savings, credit appetite, among others.
More than 65% of survey responses came from metros–Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai–with the rest from other tier-II and III towns.
While the majority of millennials have become more cautious towards finances amid the pandemic, the report also highlighted rising awareness about saving and insurance. About 52% of the respondents said they have scaled up savings, 35% have purchased comprehensive health and life insurance plans while the rest have committed to more extensive investment programmes.
The pandemic coupled with ‘work from home’ culture also triggered health consciousness among Indian millennials. As per the report, more than 71% of millennials have become more health conscious amid the pandemic. In their pursuit for a healthier life, a huge chunk of the cohort have switched to new lifestyle changes. About 54% of respondents said they now prefer eating homemade healthy food, 28% have adapted to regular walks or some form of daily exercise, 11% of respondents said they have adopted yoga and meditation, while 7% have registered at a nearby gym.
When prodded about eating out at restaurants, more than 52% of respondents said that even when eating out, they prefer restaurants that observe health, safety and social distancing norms. 22% said they have got habituated to ordering food online and prefer it that way as they can enjoy it from the comfort of their home, while observing necessary safety norms. Whereas 26% of the respondents continue to be cautious and have been avoiding eating outside altogether.
After almost two years of uncertainties and travel ban, the report showcased huge pent up demand among millennials for a vacation. More than 56% of respondents said they were planning a vacation early this year as soon as the current surge in the covid-19 cases eases out. In terms of travel destination preferences, 71% said they were heading for a domestic destination, 9% preferred an international spot, while 20% of respondents hadn’t made up their mind.
About 38% of respondents have permanently shifted to shopping online amid the pandemic, while 17% still favoured the idea of physical shopping, 45% preferred a mix of both depending on what they wanted to buy.
When asked about going back to work in the post-pandemic order, 68% of respondents were more than eager to get back to office spac. While 15% preferred to continue with work from home, 17% said they favoured a hybrid model.
V Raman Kumar, founder chairman, CASHe, said, “The Covid-19 pandemic has radically altered our everyday behaviour, perhaps forever. However despite the challenges and economic upheavals witnessed in the last two years, millennials have proven themselves as the most resilient generation…They are not just aspirational, but are a very responsible cohort seeking to reimagine old orders. Millennials have the potential to redefine India’s investment & consumption story, which will play a critical role in shaping our country’s economy in the post-pandemic era.”
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