MILLENNIAL KEY LEARNINGS — June 8, 2020
Published in
2 min readJun 8, 2020
Millennials take a hard look at their spending habits
- The coronavirus-induced lockdown is a great time to learn a new skill, life coaches have said.
- Covid-19 has turned the life of millennials — a generation associated with spending more and saving less — topsy-turvy. The lockdown and uncertainty have forced them to pause and review their lifestyle and spending habits. A generation that believed in buy-now-pay-later is suddenly talking about saving for a rainy day. Professionals who face the risks of salary cuts and layoffs are learning to adjust with less money.
- Financial planning was not on the radar of millennials. Just over a month of lockdown and they are now carefully looking at investments and liabilities. Everyone should have at least six months of expenses covered. That essentially means a microscopic look at where money goes and purge everything that is non-essential.
- Things become clearer when people are aware of risks. The lockdown has forced a lot of them to examine their spending pattern. There will be a rethink in their attitude of ‘buy first and pay later.
- Check out our website for the latest report released by The Mavericks India on ‘Rebooting 2020: A Story of Covid-19 and Shifting Perceptions’.
Millennials unlikely to use public transport post lockdown
- As lockdown eases and some return to office, one of the major concerns among most workers is the commute to office. While a personal vehicle seems like the best bet, given the safety it might offer from the virus, many people don’t have the financial strength to invest in a personal vehicle and are looking at other options.
- The auto industry, meanwhile, is expecting a spurt in “personal vehicle buying by people who would like to avoid public transportation,” says Rajesh Menon, director general, Society of Indian Automobile Manufacturers. However, he adds, “it will be very difficult to predict the sustainability of such sales.”
