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Nine out of 10 Indian millennials do not want to consult experts to make money decisions. Instead, Indian millennials between the age group of 22 and 35 like to take financial decision independently, shows the latest survey conducted by Tata AIA Life Insurance.
The survey finds that millennials do not like to seek help of others to deal with savings and investment. It says, “Indian millennials across age bands believe in planning their own investments rather than depending on others. Given their comfort in accessing online platforms and researching the entire process, this trend is poised to continue in the future.”
Younger millennials i.e. between 22 and 25 years show dependency on their parents in deciding on the right financial investment. On the other hand, 90% of those in 26 – 29 and 96% of those in 30 – 35 take their own decisions when it comes to financial planning.
Further, self employed millennials are inclined towards consulting financial experts for investments.
Not surprisingly, those in metros show a higher level of independence with 93% taking their own decision towards financial planning. Interestingly, a small percentage of respondents in metro and tier 1 cities rely on financial experts to invest money.
Here are some other key findings:
- Post covid, millennials have increased their savings. Over 64% of the respondents have either maintained or increased their savings during the pandemic.
- While 70% of those in the age group 30 – 35 have increased or maintained the proportion of savings, 68% of those in the 22 – 25 years age band displayed similar behaviour. This indicates that people are showing responsible financial behaviour from an early age
- Indian millennials are not fully aware of and understand solutions such as life and health insurance. While 57% of those in the 30 – 35 age group are aware of life insurance, only 20% among the 22 – 25 years know about life insurance. Similarly, when it comes to health insurance, 57% between 30 – 35 years are aware of the category but only 19% responded in the positive among the 22 – 25 years age band
The survey was conducted through computer assisted detailed interviews in two rounds. 1000 millennials in the age group of 22 and 35 have participated in the survey.
