While millennials are generally seen as the “high on risk” generation, they don’t seem to exhibit that when it comes to financial planning, according to a report by BankBazaar, ‘Aspiration Index 2018 - Decoding Indian Millennials’.
While 91% of millennials believe in making their own financial decisions, only about 56% invest in instruments like mutual funds, said the report. In comparison, 57% of them invest in fixed deposits, a preferred instrument for risk-averse investors, and 36% in Provident Fund and Public Provident Fund accounts.
