New Delhi, Mar 8 (NVI) Owning a residential space and career advancement are the top two long-term aspirations of single women in India, according to a study conducted by a fintech and consumer lending App Fibe.
The study, conducted ahead of the International Women’s Day which is today, reveals intriguing shifts in aspirations of single men and women, with 44% of single women indicating greater ambitions of buying a house compared to single men.
When it comes to financial independence, single women lead with 30% aiming to achieve this goal, compared to just 21% of single men, said Fibe in a press statement.
Interestingly, single men appear to be more tech-savvy, with higher aspirations of owning the latest gadgets, a desire that outpaces single women’s interest in technology, it said.
Additionally, single females (70%) showed a stronger drive for career advancement compared to married women (58%).
The study also highlights interesting trends among married women and men, with a notable 52% of married women expressing greater desire to own a house, surpassing 45% of married men with similar aspirations.
‘Fibe-Millennial Upgrade Index’ conducted among 8,000 individuals across metros and non-metros also revealed insightful data on the ambitions of young Indians, encompassing both short and long-term goals, the statement said.
The majority of the respondents (47%) are 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.
The study highlights that homeownership (41%), entrepreneurship (21%), and financial independence (19%) are the top three long-term goals of Indian millennials.
Notably, over 41% of individuals aspiring to own a house are under the age of 30.
A key insight is that more millennials in Bharat are eager to start their own businesses than in metros.
Millennials prioritize these long-term goals for greater fulfillment and stability in life, to fulfill family needs, and to gain societal recognition.
The survey also highlights that 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.
The study reveals that in the short-term, the top three priorities for millennials are upgrading their lifestyle, enhancing convenience for family, and experiencing new things in life.
Fibe’s co-founder & CEO Akshay Mehrotra said the study uncovers vibrant aspirations of the youth 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,” he said.
Among the barriers to achieving aspirations, 45% cited financial constraints as a major hindrance to fulfilling their short-term and long-term aspirations across metro and non-metro cities, emphasizing the need for accessible financial solutions.
As far as long-term goals are concerned, 35% of millennials indicated other family expenses taking priority, and 15% cited a lack of long-term financial planning as a hurdle.
In terms of short-term goals, 23% of respondents cited that medical expenses and other important family needs take precedence.
Some also indicated time constraints (13%) and lack of motivation (8%) as barriers. (NVI)
