84% of Millennials pursue wealth-management strategy: Report

The pan-India survey was conducted among over 30,000 customers on Cashay’s platform, and aimed to capture the impact of the COVID-19 pandemic on the everyday behavior of millennials across topics such as health, travel, shopping, savings, credit hunger . , among others.

More than 65% of the survey responses came from metros (Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Ahmedabad, Pune and Chennai), the rest from other Tier-II and III cities.

While most millennials have become more cautious about finances amid the pandemic, the report also highlights a growing awareness of savings and insurance. About 52% of respondents said they have increased savings, 35% have purchased comprehensive health and life insurance plans, while the rest have committed to more comprehensive investment programs.

The pandemic coupled with the ‘work from home’ culture also sparked health awareness among Indian millennials. According to the report, over 71% of millennials have become more health conscious amid the pandemic. In the quest for a healthier life, a large portion of the group have made new lifestyle changes. About 54% of the respondents said that they now prefer to eat healthy homemade food, 28% have adapted to regular walks or daily exercise, 11% of the respondents said that they have adopted yoga and meditation, while 7% Have registered with nearby gym.

When asked about eating out in restaurants, more than 52% of the respondents said that even when eating out, they prefer restaurants that follow the norms of health, safety and social distancing. 22% said that they have become in the habit of ordering food online and prefer it that way as they can enjoy it from the comfort of their home while adhering to the required safety norms. While 26% of the respondents have continued to be vigilant and are completely avoiding outside food.

After nearly two years of uncertainties and a travel ban, the report reflected a huge demand among millennials for the holiday. Over 56% of the respondents said they were planning a holiday earlier this year as soon as the current surge in Covid-19 cases subsided. In terms of travel destination preferences, 71% said they were going to a domestic destination, 9% preferred an international location, while 20% of the respondents had not made up their mind.

Around 38% of the respondents have permanently shifted to online shopping amid the pandemic, while 17% still supported the idea of ​​physical shopping, 45% preferred a mix of both. Depends on what they want to buy.

When asked about going back to work in the aftermath of the pandemic, 68% of respondents were eager to go back to office space. While 15% preferred to continue work from home, 17% said they favor the hybrid model.

V Raman Kumar, Founder President, Cashay said, “The COVID-19 pandemic has changed our everyday behaviour, perhaps forever. However, despite the challenges and economic turmoil seen over the past two years, Millennials have proven themselves to be the most resilient generation… Very responsible group. Millennials have the potential to redefine India’s investment and consumption story, which will play a vital role in shaping our country’s economy in the post-pandemic era.”