84% millennials step up the wealth-management strategy to prepare for the future: Report

While the majority of millennials have grown to become more cautious towards finances amid the pandemic, reports highlight the progression of saving and insurance awareness among the cohort. According to a recent survey ‘Millennial Mood Index 2021’ by CASHe, more than 84 per cent of millennials across the country stated that they have stepped up their wealth-management strategy in a bid to prep up for future contingencies while eyeing opportunities for stronger and sustainable growth in the post-pandemic world.

While 52 per cent of the respondents said they have scaled up their savings, 35 per cent have purchased comprehensive health and life insurance plans whereas the rest 13 per cent have committed to more extensive investment programs. The company claimed that the pan-India survey conducted aimed to capture the impact of the Covid-19 pandemic and how it has altered the everyday behaviour of millennials across a variety of topics like health, travel, shopping, savings and credit appetite, etc.

The financial wellness company says the pandemic coupled with ‘work from home culture has also triggered health consciousness among Indian millennials. The MMI report stated that more than 71 per cent of millennials have grown more health-conscious amid the pandemic. 54 per cent people said they now prefer eating home-made healthy food, 28 per cent have adapted to regular walks or some form of daily exercise. 11 per cent of respondents said they have adopted yoga and meditation, rest 7 per cent have registered at a nearby gym.

When prodded about eating out at restaurants, the report stated that more than 52 per cent of people said that even if they eat outside, they would prefer restaurants that observe health, safety and social distancing norms. 22 per cent 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 the necessary safety norms. Whereas 26 per cent of the respondents continue to be cautious and have been avoiding eating outside at all.

After almost two years of uncertainties and a travel ban, the report showed huge pent up demand among millennials for availing of a getaway vacation. More than 56 per cent of the respondents stated they are 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 per cent stated they were heading for a domestic destination, 9 per cent preferred an international destination while 20 per cent of respondents hadn’t yet made up their mind.

The company claims that there has been a clear shift in millennial shopping behaviour altered by the pandemic. The report stated that 38 per cent of the respondents have permanently shifted to shopping online as they now prefer it that way. While 17 per cent still favoured the idea of physical shopping, 45 per cent 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 per cent of the respondents stated that they are more than eager to get back to the physical world and operate from their offices. While 15 per cent preferred to continue with the work from home (WFH) practice and the rest 17 per cent stated they favoured a hybrid model of functioning whilst visiting the office once or twice a week.

V Raman Kumar, Founder Chairman, CASHe says, “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. Millennials who also represent the country’s largest workforce have showcased the grit and resolve to bounce back and kick-start the economy.”

He further adds, “Their unwavering “can do” spirit is what has put them at the global centre stage while showcasing India as the largest millennial market to lure in brands across the globe. 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.”

The pan-India survey was conducted among more than 30k customers. More than 65 per cent of the responses were received from the metro markets of Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai while the rest 35 per cent were received from other tier-II and III towns.