New Delhi- A survey conducted by Tata AIA Life Insurance among Indians in the age group of 22-35 years found that millennials seemed to have realised the importance of maintaining a healthy savings regime even as the external scenario remains uncertain and ever-changing.
Even as Covid-19 impacted the country and the world in recurring waves, more than 64 per cent of the respondents in the chosen age group either maintained or increased their savings during the pandemic.
“If one were to break the millennials further into age bands, the results are truly encouraging – while 70 per cent of those in the age group 30-35 increased or maintained the proportion of savings, 68 per cent of those in the 22-25 years age band displayed similar behaviour,” Tata AIA Life Insurance said in a statement.
The findings indicates that people are showing responsible financial behaviour from an early age.
Those in metros did show a higher level of independence with 93 per cent taking their own decision towards financial planning.
“This behaviour was marginally lower for those in Tier 1 and 2 towns with 89 per cent taking their own financial decisions. Interestingly, a small percentage of respondents in metro and tier 1 cities relied on financial experts whereas those in tier 2 relied completely on their parents when not taking their own decision with regard to putting their hard-earned savings in the right instrument,” the survey found.
However, amid the encouraging habits towards financial prudence, Indian millennials are yet to become fully aware of and understand solutions such as life and health insurance.
“While 57 per cent of those in the 30-35 age group were aware of life insurance, only 20 per cent among the 22-25 years affirmed this aspect. Similarly, when it came to health insurance, 57 per cent between 30-35 years were aware of the category but only 19 per cent responded in the positive among the 22-25 years age band.”
It clearly indicates the need to equip Indian millennials with the right information and understanding of the level of insurance required as they move through the different stages of life, the company said.
–IANS