September 27, 2013
Data point: BRIC Millennials bullish about personal finances
This week we launched “Meet the BRIC Millennials,” a wide-ranging study of a generation that will shape the four major developing markets. The report spotlights findings from a survey of 1,640 Millennials aged 18-35 in Brazil, Russia, India and China that we conducted in July 2013 using SONAR™, JWT’s proprietary online tool.
We found that like their counterparts around the world, BRIC Millennials are optimistic on most counts. So while they’ve felt the sting of economic uncertainty, they’re upbeat about their economic future. More than 8 in 10 believe their finances will improve in the next six months, although Russian Millennials are notably less bullish. Should their financial situation worsen, most Millennials who live on their own or at school would be loath to move back in with their parents, with the exception of respondents in India, where multigenerational households are the rule.
Notably, a majority of Brazilian Millennials are stressed about managing their finances, which speaks to the fact that they are the first generation in Brazil to embrace financial management. Years of inflation prevented a savings culture from taking hold; now, Millennials are beginning to embrace saving and striving to get a grasp on the ins and outs of financial planning.