More single women want to own a house compared to unmarried men: Survey

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 yearsIndian fintech Fibe has launched its FibeMillennial Upgrade Index revealing insightful data on the ambitions of young Indians encompassing both short and longterm goals across metros and beyondLongterm goalsThe study highlights that homeownership 41 per cent entrepreneurship 21 per cent and financial independence 19 per cent are the top three longterm 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 longterm goals for greater fulfillment and stability in life to fulfill family needs and to gain societal recognitionAspirations of women in IndiaImportantly 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 centShortterm goalsThe 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 shortterm the top four priorities for millennials are upgrading their lifestyle enhancing convenience for family and experiencing new things in lifeFibersquos cofounder amp CEO Akshay Mehrotra said ldquoEmpowering Indiarsquos youth is a necessity and a catalyst for our nationrsquos 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 shortterm 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 profilerdquoBarriers to achieving aspirations45 per cent cite financial constraints as a major barrier to fulfilling their shortterm and longterm aspirations across metro and nonmetro cities emphasising the need for accessible financial solutionsLongterm goals 35 per cent of millennials indicated other family expenses taking priority and 15 per cent cited a lack of longterm financial planning as a hurdleShortterm 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 barriersPlans to achieve aspirationsLongterm goals To achieve longterm 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 planningShortterm goals As Indiarsquos 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 nontraditional income streams highlights a shift in how millennials approach financial planning and fulfilling their goalslsquoFibeMillennial Upgrade Indexrsquo was conducted among 8000 individuals across metros and nonmetros The majority of the respondents 47 per cent are below 30 years old followed by 26 per centfrom 3035 years of age 14 per cent from the 3540 years age group and 13 per cent are above the age of 40 years