Millennial Lifestyle: Decoding the choices made by millennials and the reasons behind it

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The term Millennials has been described in numerous ways by the media and the society. The youngsters from the 21st century have been criticised for their unconventional choices that have changed the way market works. While the people from old generation strive for owning a house, millennials strive to have luxurious cars, travelling for pleasure and investing on their apparels, watches, etc. While millennials may face hardship following the conventional way of living, there is only one aspect where they are not very different from the other generations, that is their love for legacy.

Inspite of their unique way of life, millennials have an obsession of leaving behind a legacy that is looked up to and the way they try to reach out to this goal is also out of the box. Whether it’s making unconventional choices in handling their finances or their investment choices, the millennials have found a way to leave a mark that is unlike anything we have seen before. But a closer look at the millennial trends makes it easier to understand the shift and how it has helped in their efforts to make life easier and tension free.

Check out a few a few choices of lifestyle and financial decisions made by the millennials are totally different.

Insurance

Recently Insurance has become one of the most essential financial instruments and this too has evolved and turned digital. Currently the online life insurance industry is on boost, with players like Aegon Life, giving various financial solutions for all the requirements of millennials. Aegon Life has been a true leader of the digital transformation as they were one of the first companies to introduce online term insurance products and their simplified insurance plans with low premium rates give Aegon the definite edge.

Banking

The banking system in India has also evolved in the recent years with the constant visits to the banks being replaced by visiting the website and apps of the banks. Online banking has been a revolutionary way of making quick and easy transactions while avoiding the queues and paperwork for most part. Banks are increasing their online presence with services like opening a bank account in just a click. Millennials have become accustomed to this quick and tech-savvy world of digital transactions that makes banking faster and better. In addition to saving time, digital transactions and digital banking also have other perks like cashbacks, lower transaction charges, etc.

Traveling

Whether it is long distance travel or daily commuting, the travel pattern has clearly changed in the past few years. While traveling by flights was once a luxury, the pricing change and the emphasis on comfort makes it the proffered options these days. In addition to this, millennials have also boosted the use of private cars and hire cabs over public transport. The key reason behind both these shifts is the importance given to comfort and luxury over money. The millennials spend more on these services in an effort to avoid tension.

Shopping

Shopping was once a tedious job that required us to visit different shops and figure out the best prices for a product. However, for the millennials, shopping has now evolved from heading out to the mall or shopping centre to snuggling up in our houses and opening different applications and websites. E-commerce has become a convenient and easy way of shopping with attractive brands, discounts and special offers. While many still struggle to understand this shift, the e-commerce websites have allowed people to shop on the go.

Buying a House

Buying a house has been a must on the to-do list of most adults, but the millennials are changing this old school ideology. The millennials have been criticized for this change, as most of them do not aim at owning a small house. In fact, they prefer renting out houses closer to their work places. However, there are various reasons why millennials not buying a house makes much more sense. For example, if someone has a job that is heavy on traveling or prone to transfers, then it makes more sense for the person to make liquid investments and rent out flats in these locations. Another important point to remember is that many millennials enter the corporate world with the debt of student loans that they need to pay off. This plays a key role in their decision of avoiding another loan to get their own house.

With 97.11 % claim settlement ratio, Aegon also had the highest average claim per person of Rs.10 Lacs in 2016-17. With their iTerm insurance plans, Aegon Life is on the forefront of simplifying the insurance process and offering affordable protection plans to everyone. Every millennial’s struggle to leave behind a legacy ends with a simple solution of opting for these term insurance plans. With a maturity period of 100 years, every millennial is bound to leave an inheritance for their family with this investment. Aegon Life is the first life insurer to provide cover for 100 years at affordable premiums, catering to the needs of customers who are looking for insurance options that will outlive them. Aegon’s main aim behind this unique protection plan is to make sure that the customers live a long and tension free life without worrying about their insurance.