Chennai’s millennials top Aspiration Index

The study pegs the aspiration index of millennials at a high of 87.43, reflecting a confident outlook. South India topped the Index at 88.5, higher than the national average, with Chennai at 88.8 topping the index across India. North, East, and West India come up at 87.7, 86.6, and 86.0 respectively on the index. The second spot in the index was claimed by Jaipur at 88.5, reflecting a sea change in non-metro millennials’ aspirations.

Adhil Shetty, Co-founder and CEO, BankBazaar, said, “The last 10 years have been a whirlwind decade for India in every way. The technology, the generation, and the outlook have undergone significant changes since 2008. Millennials prefer being in control of their financial health and surprisingly 91% handle their own finances.” For Indian millennials, wealth is the topmost priority followed by health and fame. Despite the regional variations, the core aspirations of the Indian millennials, both men and women, remained the same—a home of their own, sufficient bank balance and a chance to see the world. The desire to own their own home comes out on top with 47% of millennials calling it their top priority. The study revealed that more than 61% millennials are comfortable taking credit liabilities to fulfil their aspirations. This desire resonated across east, west, north, and south India.

Contrary to popular perception, the study showed that millennials are big on saving and investing. Investments are spread across the spectrum from FDs to mutual funds, and on an average, tend to be one-third of their wallet share. However, the choice of investment vehicles, predominantly FDs and insurance as opposed to mutual funds, could be responsible in part for the gap between aspiration and readiness.

Health is the next most important goal, with health-conscious millennials looking at physical and mental well-being as a key life-goal. Incidentally, this segment also has the highest aspiration-readiness gap of 12 points.