Home ownership, starting business top long term goals of millennials: Study

Home ownership, entrepreneurship and financial independence are the top three long-term goals of Indian millennials, according to a study.

More than 41% of millennials surveyed aspire to own a house and are under the age of 30, the study based on "Fibe-Millennial Upgrade Index" stated.

Single women indicated greater ambitions of buying a house compared to single men, it said.

The study was conducted among 8,000 individuals across metros and non-metros. The majority of the respondents (47%) were below 30 years old, followed by 26% from 30-35 years of age, 14% from the 35-40 years age group, and 13% are above the age of 40 years.

Around 21% of individuals surveyed aim to start or grow their business, and 19% wish to become financially independent in the long term, the study said.

On the other hand, professional growth, buying a new gadget or vehicle, and personal improvement such as dental treatments, eye surgery, and getting fitter top the charts among short term goals of millennials, the study found.

Millennials in metros are more concerned about securing a better job due to increased competition, with 60% of metro respondents indicating it as a key goal.

Fibe's co-founder & CEO Akshay Mehrotra said, "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 short-term aspirations, valuing accessibility, convenience, flexibility, and addressing immediate financial gaps."

On major barriers, 35% of millennials indicated other family expenses taking priority, and 15% cited a lack of long-term financial planning as a hurdle.

Around 39% of respondents said they would save up and plan finances strategically, 21% would explore other sources of income, and 29% would seek credit to meet their long-term goals.

The study shows the urgent need for tailored financial solutions and how the company remains committed to educate these youngsters on responsible borrowing practices so that they can confidently pursue their dreams while managing their credit profile.