Millenials, in the age group of 22-30 years, are eager to invest for wealth creation and those earning below Rs 25,000 per month are saving around 11 per cent of their income, says a survey.
According to a survey by fintech startup Saveabhi, millenials earning below Rs 25,000 per month are saving the highest rate at 11.1 per cent of the income, millenials earning between Rs 25,000-50,000 per month are saving 7.9 per cent and millenials earning above Rs 50,000 per month are saving 8.1 per cent.
All the three categories are spending maximum on rent and housing at 35 per cent, 21.5 per cent and 33.5 per cent, respectively, followed by dining and outing at 12.3 per cent, 21 per cent and 11 per cent, respectively.
The report that took into account data from 5,000 millenials noted that 97 per cent of the millenial investors are males.
“The findings break the myth that millenials only live in the present and do not believe in saving for future,” said Priyank Barthwal, Founder, Saveabhi. With an aim to promote saving and investment, Saveabhi has introduced the innovative concept of ‘Save the Change’ to enable automatic savings. The app was launched based on an insight that linking expenses to savings is key to promoting small but regular investing.
Expense done through digital payments like credit card, debit card or net banking is updated in an expense dashboard and change to the nearest hundred of the expense amount is added to the ‘Save the Change’ account.
“An investment into your chosen investment asset like a mutual fund is initiated the moment this value reaches Rs 500,” the release said.