84 per cent millennials increased finance strategy plans for post-pandemic world: Survey

The Millennial Mood Index 2021 MMI was released by CASHe Indias AIdriven financial wellness platform with a mission to make financial inclusion possible for allAccording to the survey more than 84 per cent of millennials across the country have increased their wealthmanagement strategy to prepare for future contingencies while also looking for opportunities for stronger and more sustainable growth in the postpandemic world The panIndia survey conducted among more than 30k customers on CASHes platform aimed to capture the impact of the Covid19 pandemic and how it has altered millennials everyday behaviour across a variety of topics such as health travel shopping savings amp credit appetite and so onWhile the majority of millennials have become more cautious about their finances as a result of the pandemic the report also highlighted the cohorts progress in saving and insurance awareness While 52 per cent of respondents said they have increased their savings 35 per cent have purchased comprehensive health and life insurance plans and the remaining 13 per cent have committed to more extensive investment programmesThe pandemic combined with the work from home culture has also raised health awareness among Indian millennials According to the MMI report more than 71 per cent of millennials have become more health conscious as a result of the pandemic In their quest for a healthier life a sizable portion of the cohort has adopted new lifestyle changes 54 percent of respondents said they now prefer eating homecooked healthy food and 28 percent have adapted to daily walks or some form of exercise 11 per cent of respondents said they had started practising yoga and meditation while the remaining 7 per cent had signed up for a nearby gymWhen asked if they eat out at restaurants more than 52 per cent said that even if they eat outside they would prefer restaurants that adhere to health safety and social distancing norms 22 per cent have become accustomed to ordering food online and prefer doing so because they can do so from the comfort of their own home while adhering to the necessary safety standards Whereas 26 per cent of respondents remain cautious and avoid eating outside at all costsFollowing nearly two years of uncertainty and a travel ban the report revealed a huge pentup demand among millennials for a getaway vacation More than 56 percent of those polled said they intend to take a vacation early this year once the current surge in Covid19 cases subsides In terms of travel destination preferences 71 per cent said they were going somewhere domestic 9 per cent said they were going somewhere international and 20 percent said they hadnt decided yetThe report stated that 38 per cent of respondents have permanently shifted to shopping online as they now prefer it demonstrating a clear shift in millennial shopping behaviour altered by the pandemic While 17 per cent preferred physical shopping 45 per cent preferred a combination of the two depending on what they wanted to buyWhen asked about returning to work in the postpandemic order 68 per cent of respondents said they are eager to return to the physical world and work from their offices While 15 percent preferred to continue working from home WFH the remaining 17 per cent preferred a hybrid model of functioning that included visiting the office once or twice a weekV Raman Kumar Founder Chairman CASHe said The Covid19 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 countrys largest workforce have showcased the grit and resolve to bounce back and kickstart the economy 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 They are not just aspirational but are a very responsible cohort seeking to reimagine old orders Millennials have the potential to redefine Indias investment amp consumption story which will play a critical role in shaping our countrys economy in the postpandemic eraThe panIndia survey was conducted by CASHe among more than 30000 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 tierII and III townsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever