Indian millennials

In an example from India, Leo Puri, Managing Director at UTI Asset Management Company said: “Indian millennials follow the global pattern in terms of instant gratification, and consumption. The one feature that helps us as an asset management company, which obviously is trying to tap into savings, is that they are also quite concerned about being seen to do good, so the sense of purpose is very important for this generation.”

Millennials’ sense of purpose and giving something back to the family may act as a catalyst to save, according to Puri. “Millennials are the same wherever they are, and if you create a sense of purpose or a sense of family obligation these are catalyst for them to save, because it actually helps them to serve to spend some of their instant gratification for the time being,” Puri added.