You are, my fire
My one desire
Believe, when I say
I want it that way
While the pandemic has caused tons of stress and nothing but heartbreaks for a lot of young individuals who were at the cusp of adulthood, the many aspirations, fires and desires of these Millenials, though subdued and mildly hit, stand unextinguished, firm and surprisingly positive, if some recent surveys regarding the same are to be believed.
Let’s delve in greater detail into some trends surrounding the young milieu, as they navigate and rebuild themselves, both socially and moneywise, in a completely changed post-Covid world, in a new normal, where health is paramount, relationships are key, there is more to life than work and also, no new episodes of Brooklyn 99 (sob), which recently went off-air after 8 iconic seasons. Dive in:
Remember when Gina Linetti explains the inadequacy of English when it comes to capturing the depth and complexity of her thoughts, and hence, employs emojis?
In a recent survey conducted by Aditya Birla Sun Life Mutual Fund (ABSL MF) amongst 657 individuals in an attempt to understand their psyche about Systematic Investment Plan (SIPs) and associated preferences, it was found that 85
percent of those surveyed preferred to invest in multiple SIPs, with this pattern noticeably increasing with age.
Around 58 percent of people saw multiple SIP investments as an avenue for risk diversification, while 19 percent saw it as a steady measure of goal planning. Around 18 percent considered SIPs ideal from an asset allocation perspective.
And not just money-wise, the loneliness that emerged consequentially was also sought to be met by socialising and meeting more people! At 84.4, the BankBazaar Aspirational Index 2021 perfectly highlighted the backseat taken by material desires, as relationships and friendships gained importance.
The survey, which covered 1704 salaried professionals aged 22-45 from over 6 metro cities and 20+ tier 2 and 3 cities, also revealed that socialising (43 per cent) and spending time with family and friends (81 per cent) trumped everything else, as forging long-lasting relationships (87.9) surged ahead of wealth and personal growth when it came to individual goals.
Fine, but walking slowly towards your goal extremely slowly isn’t a bad thing, Jake!
SIPs work their wonders over the long term. And turns out, people realise that! Over 57 percent of the respondents in the ABSLMF survey agreed to hold their SIP investments for more than 10 years, a positive sign of rising awareness with regards to spending time in the market to make gains.
As many as 50 percent of individuals found SIPs to be the best way of systematically building a significant and comfortable long-term corpus by harnessing the power of compounding. Eighty-three percent of those surveyed hearteningly mentioned that they would recommend this to others as well
However, the collective slowdown the world experienced in the wake of Covid has surely bruised the aspirations of those aged 22-27. At 83.7, around 60 percent of this cohort saw their dreams being setback by almost 1-5 years, with 28 percent suffering job losses and 25 percent facing a financial crunch and inability to access credit when needed, the Index elaborated. But despite the setbacks, there is hope and a way to recovery is in sight, so this delayed journey is well back on track.
The only thing women are not good at is being phenomenal because they are great at it.
Women rule the roost, be it keeping strength and hope during dark times, or maintaining their investments. While the ABSLMF study reported that only 24 percent of individuals began investing the SIP way in their 20s, with the amount majorly being less than Rs 5,000, women (33 percent) are more willing to start while young as men (22 percent).
And at a score of 84.6, the aspirations of women seemingly and resiliently withstood the test of time more than men (84.3). Placing greater significance to wealth and pinning their longings on health, younger women were more ambitious than their older and men counterparts, albeit the gap between their aspirations and readiness (12.7) was worse than that of men (9.3)
Goals are like Oatmeal. They sustain
Yes, you read that right. Captain Holt would agree, surely. What’s more, even the ABSLMF respondents agree. Almost 52 percent mentioned that they started their first SIP with a specific goal in mind, while 75 percent believed in initiating different SIPs for each life objective.
The younger generation, is, however, positively and extremely clear on solid mental health (90.6 points), which moved past all other health aspirations, where future goals included aggressively making up for lost opportunities, regaining physical fitness, getting insurance cover and more. With good mental health and fitness at the helm, young India is true, focused on creating sustainable goals
The case of no-nonsense Tan and SIPs
Tan is a no-nonsense colour, and people (29 percent) want their SIPs to be the same way, calling for increased simplification during fund selection while initiating their SIPs.
In fact, at 86.2 points, health easily surpasses wealth (82.3 points), when it comes to the priorities of the young. True, long-term goals need to be clear and straight so that you can survive, sustain and thrive. Young India knows that well and wants it that way. Noice.Internet Explorer Channel Network