Fin One Young Indians’ Saving Habits Outlook 2024: 43% of Kochi’s youth start investing by 22-25, with almost 34% saving 30% of their income

Kochi: Fin One, a digital-first initiative by Angel One Limited (NSE: ANGELONE; BSE: 543235), has released its Fin One Young Indians’ Saving Habits Outlook 2024, shedding light on the evolving financial behaviours of Millennials and Gen Z across India. The data for the report was compiled by the leading research firm, Nielsen Media. The report examines saving patterns, investment preferences, and the influence of technology on financial habits among Kochi’s young residents. Findings show a strong inclination towards traditional financial methods, with 34% of young adults saving more than 30% of their income each month—a testament to Kochi’s disciplined financial culture.

Kochi’s youth prioritize savings accounts over other investment options, underscoring a conservative approach towards finance. Food expenses dominate spending for 70% of respondents, followed closely by healthcare and entertainment, reflecting a focus on essential and lifestyle costs.

Key Highlights from Kochi:

Savings Culture: A third of Kochi’s young adults save over 30% of their income, with 62% favouring traditional savings accounts over stocks (46%) and mutual funds (43%), highlighting it as their preferred investment method.

Investment Preferences: Kochi’s youth show a preference for steady, conventional investments. Besides savings accounts, stocks and mutual funds are also popular, while gold (15%) and real estate (11%) hold the lowest interest.
Spending Priorities: Food expenses are at an all-time high for 70% of respondents, followed by healthcare (66%) and entertainment (62%), highlighting a balanced focus on essential and discretionary spending.
Early Investors: Kochi’s youth are proactive, with 43% starting their investment journey between the ages of 22-25, indicating a growing awareness of the importance of early financial planning.

“Kochi’s youth exemplifies a blend of financial caution and commitment, with a significant portion consistently saving over 30% of their income. The preference for traditional savings options underscores a disciplined approach to financial security, while early entry into investments reflects an encouraging trend of proactive financial planning. At Fin One, we are dedicated to supporting Kochi’s younger generation with the knowledge and tools needed to make informed financial decisions and achieve their financial aspirations,” said Paarth Dhar, Vice President, Angel One.

The overall India insight for the report reveals that 93% of young Indians consistently save, primarily setting aside 20-30% of their monthly income. Stocks and mutual funds are favoured, with 58% investing in stocks followed by 39% in mutual funds. Younger groups between the age of 18-21 show a strong preference for stocks, and around 62% rely on YouTube for financial guidance, with family and friends as secondary sources. The report also mentions that 71% of respondents feel financially literate.

This survey reaffirms the growing importance of financial literacy, disciplined saving and the use of technology among India’s young population. Angel One remains committed to driving financial empowerment in India through its innovative solutions and educational initiatives.