The recent study was conducted by Zuno General Insurance (Formerly Edelweiss General Insurance) to understand Millennial and GenZ’s awareness of insurance sector and showed the section has a strong intention to buy usage-based insurance (UBI) over other insurance options. Here’s a report on the insurance behaviour of this rising section of the country:
According to the latest report by TransUnion CIBIL credit demand in the third quarter ending September 2022 remained robust, with a corresponding increase in originations as lenders continued to provide credit opportunities for millions of consumers across India.
Millennials have helped bring in the digital lending, UPI, crypto revolution in India, by heavily participating in these and helping these sectors grow. Even though their spends are more than their savings, there is increased participation from millennials in various investments like mutual funds, crypto, etc. Millennials today are more actively managing finance and hence, ETBFSI brings to you key expectations from the newest members of workforces today :
Millennials are redefining both the lending and payments categories in India. There has been a shift in mindset and growing comfort towards availing digital credit and using digital payments to achieve both short term and long term goals.
Be it Diwali, or New Year, millennials continue the trend to borrow money, this time ending the year with BNPL loans for Christmas and New Year. Here’s how this generation is planning to manage theirs year-end party expenses and what was their credit experience in 2022:
The GenZ women hold a positive outlook towards decentralised digital currencies. 20 per cent considered Bitcoin as the best long-term asset to invest, compared to others like real estate, art, stocks, etc.
Millennials, who are often short on cash, have resorted to buy now, pay later (BNPL) for all their festival shopping this season. While they're moving high on credit, lenders are also pouring in various offers along with e-commerce giants to tune in to the market sentiment.
Data from a recent report suggests that 80 per cent of young investors are searching for alternative investment assets such as equity, commodities, real estate, etc. In fact, they reportedly allocate three times more (16 per cent) funds to these tangible assets.
Although a sharing economy is a breeding ground of opportunities for startups, it also provides key insights into the behaviour of a millennial consumer.
According to the Deloitte 2022 survey, 36 per cent millennials chose cost of living as their greatest concern. These include housing or rent, transport costs and other bills.
The report highlights that 83 per cent respondents have completed their repayments on time as opposed to 77 per cent in the previous year. There is also a fall in late or deferred repayments by 26 per cent among millennials and GenZ users.
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