Indian millennials: prudent but financially vulnerable —survey

Younger millennials have the lowest awareness about insurance.

Indian millennials are more prudent but lack financial protection like health or life insurance, a survey by Tata AIA revealed.

Around 64% of millennials surveyed, ages 22 to 35, have either maintained or increased their savings. Further breakdown of the data revealed that 70% of older millennials, ages 30 to 35, increased or maintained their savings whilst 68% of those ages 22 to 25 displayed similar behavior indicating that more people are showing responsible financial behavior from an early age.

However, despite prudence amongst millennials, they are still plenty who are unaware of financial protections such as life and health insurance. Tata AIA’s survey showed that only 57% of those ages 30 and 35 are aware of life insurance whilst only 20% of those aged 22 to 25 have said the same thing.

Similarly, when it came to health insurance, 57% between 30 to 35 years were aware of the category but only 19% responded positively among the 22 to 25 years age band.

Approximately 43% of those who said availed of life insurance for themselves believe they are sufficiently covered. However, 41% who availed of life insurance felt they are unsure if the policy they bought was sufficient.

“This clearly indicates the need to equip Indian Millennials with the right information and understanding of the level of insurance required as they move through different life stages,” the report said.
 
“The survey clearly indicates the need for insurers to work hand in hand with younger consumers to help them understand the level of insurance that they need as they progress through different stages in life. At the same time, it is important for us to help them appreciate the diverse solutions that life insurance offers across protection, savings, retirement, and wealth generation-oriented offerings, thereby ensuring that they are well secured while they strive to do their best in all walks of life,” Venky Iyer, executive vice president, and Chief Distribution Officer said.

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