84% of millennials have stepped up their wealth management strategy: report


NEW DELHI: More than 84% of millennials across the country have stepped up their wealth management to prepare for future contingencies while envisioning opportunities for stronger and sustainable growth in a post-pandemic world. This is the result of a survey ‘Millennium Mood Index 2021’ by CASHe, an AI-powered financial wellness platform.

The pan-India survey was conducted among over 30,000 customers on the CASHe platform and aimed to capture the impact of the Covid-19 pandemic on the daily behavior of millennials in a variety of topics such as health , travel, purchases, savings, appetite for credit. , among others.

Over 65% of the survey responses came from metros – Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai – with the rest coming from other Tier II and III cities.

While the majority of millennials have become more cautious about finances amid the pandemic, the report also highlighted a growing awareness of savings and insurance. About 52% of respondents said they have increased their savings, 35% have taken out comprehensive health and life insurance plans while the rest have embarked on more extensive investment programs.

The pandemic coupled with the “work from home” culture has also triggered health awareness among Indian millennials. According to the report, over 71% of millennials have become more health conscious amid the pandemic. In their quest for a healthier life, much of the cohort has moved on to new lifestyle changes. About 54% of respondents said they now prefer to eat healthy homemade 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% signed up for a nearby gym.

When pressured to eat out, more than 52% of respondents said that even when eating out, they prefer restaurants that adhere to health, safety and social distancing standards. 22% said they have become accustomed to ordering food online and prefer this way of doing so because they can enjoy it from the comfort of their own home, while respecting the necessary safety standards. While 26% of respondents continue to be cautious and completely avoid eating out.

After nearly two years of uncertainty and a travel ban, the report highlighted 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 spike in covid-19 cases subsides. In terms of travel destination preferences, 71% said they were heading to a domestic destination, 9% preferred an international destination, while 20% of respondents had not yet made a decision.

Around 38% of respondents have permanently switched to online shopping amid the pandemic, while 17% still favored the idea of ​​physical shopping, 45% preferred a mix of the two depending on what they wanted to buy.

Asked about returning to work in the post-pandemic order, 68% of respondents were more than eager to return to the office. While 15% preferred to continue working from home, 17% said they were in favor of a hybrid model.

V Raman Kumar, Founding Chairman of CASHe, said: “The Covid-19 pandemic has radically changed our daily behavior, perhaps forever. However, despite the challenges and economic upheavals witnessed over the past two years, millennials have proven to be the most resilient generation… They are not only ambitious, but a very responsible cohort seeking to reinvent the old orders. 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. »

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