Fibe, a fintech company, 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.
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 businesses than in metros. Millennials prioritize these long-term goals for greater fulfilment and stability in life, to fulfil family needs, and to gain societal recognition.
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).
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 necessary 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 they would seek credit from financial institutions to fulfil short-term aspirations, valuing accessibility, convenience, and flexibility and addressing immediate financial gaps. At Fibe, we remain committed to impacting individuals' lives and helping them fulfil 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."
A barrier to achieving aspirations, as cited by 45 per cent of individuals, is financial constraints, which affect both short-term and long-term goals across metro and non-metro cities. For long-term aspirations, 35 per cent of millennials highlighted other family expenses as a priority, while 15 per cent noted a lack of long-term financial planning as a challenge. Regarding short-term goals, 23 per cent of respondents pointed to medical expenses and other important family needs as obstacles, while 13 per cent mentioned time constraints and 8 per cent attributed their struggles to a lack of motivation. These findings underscore the importance of accessible financial solutions to help overcome these barriers.
To achieve long-term goals, 39 per cent of respondents indicated they would focus on saving and strategically planning their finances, while 21 per cent would explore additional income sources, and 29 per cent would seek credit. These findings reflect millennials' strong sense of responsibility as they aim to balance their aspirations with careful financial planning. Regarding short-term goals, as India's youth strive for growth and lifestyle upgrades, 26 per cent would wait until they have saved enough to pursue their ambitions, while 59 per cent would turn to financial solutions and credit to support their goals.
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.
The survey was conducted among 8,000 individuals across metros and non-metros. Most of the respondents (47 per cent) are below 30 years old, followed by 26 per cent from 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.
