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With over 300 million young people, India has the largest youth population in the world, filled with dreams and aspirations, ones that they want to achieve in the next few years.
Indian fintech Fibe has launched its `Fibe-Millennial Upgrade Index`, revealing insightful data on the ambitions of young Indians, encompassing both short and long-term goals across metros and beyond.
Long-term goals
The study highlights that homeownership (41 per cent), entrepreneurship (21 per cent), and financial independence (19 per cent) are the top three long-term goals of Indian millennials. Notably, over 41 per cent of individuals aspiring to own a house are under the age of 30. A key insight is that more millennials in Bharat are eager to start their own businesses than in metros. Millennials prioritize these long-term goals for greater fulfillment and stability in life, to fulfill family needs, and to gain societal recognition.
Aspirations of women in India
Importantly, the study underscores the growing aspirations of women in India, with single women indicating greater ambitions of buying a house compared to single men. Additionally, single females (70 per cent) showed a stronger drive for career advancement compared to married women (58 per cent).
Short-term goals
The survey also highlights that millennials in metros are more concerned about securing a better job due to increased competition, with 60 per cent of metro respondents indicating it as a key goal. The study reveals that in the short-term, the top four priorities for millennials are upgrading their lifestyle, enhancing convenience for family, and experiencing new things in life.
Fibe’s co-founder & CEO, Akshay Mehrotra said, “Empowering India’s youth is a necessity and a catalyst for our nation’s economic growth. Our study uncovers their vibrant aspirations alongside the formidable challenges they encounter, underscoring the urgent need for tailored financial solutions. Most millennials indicated that they would seek credit from financial institutions to fulfill short-term aspirations, valuing accessibility, convenience, flexibility, and addressing immediate financial gaps. At Fibe, we remain committed to creating an impact on the lives of individuals and helping them fulfill their needs at every stage of life. As a responsible lender, we also aim to educate these youngsters on responsible borrowing practices so that they can confidently pursue their dreams while managing their credit profile.”
Barriers to achieving aspirations
45 per cent cite financial constraints as a major barrier to fulfilling their short-term and long-term aspirations across metro and non-metro cities, emphasising the need for accessible financial solutions.
Long-term goals: 35 per cent of millennials indicated other family expenses taking priority, and 15 per cent cited a lack of long-term financial planning as a hurdle.
Short-term goals: 23 per cent of respondents cited that medical expenses and other important family needs take precedence. Some also indicated time constraints (13 per cent) and lack of motivation (8 per cent) as barriers.
Plans to achieve aspirations
Long-term goals: To achieve long-term goals, 39 per cent of respondents said they would save up and plan finances strategically, 21 per cent would explore other sources of income, and 29 per cent would seek credit. The findings from the study highlight a sense of responsibility among millennials as they look to balance their aspirations with prudent financial planning.
Short-term goals: As India’s youth continue to pursue growth and upgrade their lifestyle, 26 per cent would wait to pursue their goals until they have saved enough, while 59 per cent would turn to financial solutions and seek credit.
This shift towards external borrowing underscores the growing trust in digital lending platforms. A notable 21 per cent of millennials are exploring alternate sources of income. This growing trend towards non-traditional income streams highlights a shift in how millennials approach financial planning and fulfilling their goals.
‘Fibe-Millennial Upgrade Index’ was conducted among 8,000 individuals across metros and non-metros. The majority of the respondents (47 per cent) are below 30 years old, followed by 26 per centfrom 30-35 years of age, 14 per cent from the 35-40 years age group, and 13 per cent are above the age of 40 years.
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