Indian Millennials See Financial Independence Among Key Long-Term Goals: Report

Indian millennials are setting their sights on a future defined by financial independence, according to Fibe, a fintech company that released a report titled Fibe's Millennial Upgrade Index. The report, which surveyed 8,000 people in metro areas and non-metros, identifies the main long-term goals that highlight the key long-term aspirations driving the nation’s youth. Among these, achieving financial independence is a noteworthy objective, along with property ownership and business startup.

With more than 300 million young people, India is home to the world's largest millennial population. These young individuals, particularly those under 30, are focused on securing long-term financial stability while also working towards short-term goals like lifestyle upgrades and career growth.

Key Long-Term Aspirations of Indian Millennials

The Fibe report reveals that 21 per cent of Indian millennials want to start or expand their own business, while 41 per cent want to buy a home. Financial independence emerged as the third key long-term goal, with 19 per cent of respondents placing it at the forefront of their aspirations.

The survey shows that millennials are driven by a desire to ensure long-term security for themselves and their families, as well as to gain social recognition. Interestingly, over 41 per cent of individuals aspiring to own a home are under 30, signalling a sense of urgency among younger generations to secure their own place in the world.

Akshay Mehrotra, co-founder and CEO of Fibe, shared his insights, “Empowering India’s youth is key to our nation’s growth. Our study uncovers the necessity for customized financial solutions by highlighting their goals and difficulties. Most millennials plan to seek credit for short-term needs, prioritizing accessibility, convenience, and flexibility. We aim to educate them on responsible borrowing practices to help them manage their financial goals.”

The Challenges Millennials Face in Achieving Their Goals

While millennials are driven by their goals, the survey also emphasises a number of obstacles they must overcome. Financial constraints emerged as the most significant hurdle, with 45 per cent of respondents identifying it as an obstacle to reaching both short-term and long-term goals. Rising living costs, limited access to affordable credit and insufficient savings make it harder for many to make meaningful progress toward their objectives.

Also, millennials aiming for homeownership or entrepreneurship face challenges from other financial obligations. Family expenses, at 35 per cent, and the lack of proper financial planning, at 15 per cent, further complicate the pursuit of these dreams, making it clear that many young people are struggling to balance their financial goals with the realities of everyday life.

Practical Steps Millennials Are Taking to Secure Their Future

To overcome these obstacles, millennials are using sensible money management techniques. The 39 per cent of respondents to the study say they are concentrating on saving and financial planning. Also, 29 per cent of people rely on credit to cover their expenses, while 21 per cent are looking into other sources of income, including side jobs or self-employment, to boost their income.

Millennials are searching for higher-paying jobs in metropolitan areas where competition for better positions is fierce, and 60 per cent of them are using credit to pay for their urgent costs. These findings highlight a growing reliance on accessible financial products and services, enabling millennials to pursue both short-term lifestyle upgrades and long-term goals.