“This generation is more sensible than the previous one but is prone to a lot of financial traps. If they can navigate these, they will do well,” sums up Jayant Pai, Head, Marketing, PPFAS Mutual Fund.
“They are definitely more open-minded and have many more ready sources of information than the previous generation,” agrees Pai. “This is the reason that they are investing in stocks and mutual funds even if their parents tell them not to. At the same time, to avoid conflict, they open fixed deposits or buy traditional insurance policies,” he adds.
“Most of them are likely to make mistakes while investing and realise it later, but at least they are willing to experiment,” says Pai.
“The millennials are more open to buying term plans and, importantly, not having money at the end of the term,” says Pai.
“The downside of this heightened connectivity is that the office never leaves millennials. They are in constant touch with office through e-mails, via Skype or video conferencing,” say Pai.
“When it comes to making payments, they are not satisfied with NEFT transactions; they want instant, peer-to-peer transactions in real time,” says Pai.