People in the age group of 18-35 years are more financially savvy than their predecessors, according to the Outlook-Toluna Independence Day Youth Survey. The survey was conducted across India among around 1,800 people in the age group of 18-35 years. The survey showed that people in this age group have clear ideas about the idea of financial freedom and planning in general.
Though 66 per cent of the respondents save 30 per cent or more of their monthly income, women save more as compared to men—33 per cent women save 50 per cent or more of their monthly income, whereas only 18 per cent men save that much.
The survey also has details about how young India saves and invests.
How Young India Saves & Invests
Young India is willing to take moderate-to-high risk for better returns, unlike their conservative predecessors, according to the findings of the Outlook-Toluna Independence Day Youth Survey, carried out jointly by Outlook magazine and Toluna and released in July 2022.
Financial Freedom
The survey, which asked people to define financial freedom, showed that for most of them it was about meeting life goals. Living a comfortable life and being debt-free figured as the second and third preferences, while retiring early came last.
While 59 per cent respondents said financial freedom was about achieving life goals, 55 per cent said it was about leading a comfortable life. Moreover, while 37 per cent felt having no debt was true freedom, 35 per cent thought retiring early is real financial freedom.
Financial Goals
For most people, meeting financial goals stands out as the major objective of investment, followed by wealth creation and supporting dependents.
Among financial goals, saving for children’s education and achieving financial freedom have been marked to be the two most important, with 23 per cent and 21 per cent ticking this option, respectively.
Worryingly, retirement seems to be among the least prioritized goals, with only 10 per cent thinking it was among the most important goals.
Retirement
The majority of the respondents (42 per cent) think they would be able to take retirement in their 60s. However, 32 per cent want to retire in their 50s and 16 per cent in their 40s; together they form a larger chunk of people wanting to retire early.
People have called out spending time with family to be the main plan after retirement. People in older age group have an indication towards pursuing a hobby or passion as well.
