Youth Habits and Trends

8/11/2019 Youth Habits and Trends

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INDIAN YOUTHHABITS,TRENDS AND ASPIRATIONS


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Demographics

Age Group Total Males Females

13-19 142701 75972 66729

20-24 89764 46321 43443

Youth, the population aged 1524, constitute some 222million and represent 20 % of the Indian population

This predominance of youth in the population is expected to

last until 2050

India has a median age at 26 years (as of 2010), trendingtowards 28 in 2020


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Youth

The mall culture, caf culture and increaseddisposable income have changed the way

youth today conduct themselves and manage

their funds.

They are energetic consumers of media,fashion and lifestyle products

They are motivated and geared with limitlessaspirations


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Aspirations


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The youth today are increasingly tech-

savvy, lively and fit; politically aware

Job, success, looking good, and being

liked by other people are some of theirkey concerns

Going to the gym and looking stylishplays a large part in there aspirations


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HT Survey 2012


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Media PreferencesNewspapers, Magazines, Television,

and Internet


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Popular social networking websites Facebook andTwitter turned out to be both tools of social interactionas well as demonstration.

As digital media grows ever stronger and all-pervasive,young people are reading less

Newspaper readership fell from 37.4% in 2010 to23.2% in 2011

While print media faces an uphill challenge, thefascination with television and the internet hasanything but ebbed


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They want better quality, more value-for-money, superior experience and more.


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The number of respondents who used Facebook to makeannouncements to their friends jumped from 10.1% in the

previous survey to 20.65% this time around

People want to wear whatever they have as badges of honourand like to keep constantly updating their facebook statusesand tweets


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Role Models

The youth of the nation embodies all the contradictions

and chaos that characterise contemporary India when it

comes to choosing their role models


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Family FirstIn the global TGI Survey, India ranked highest at

a whopping 76% in the category It is

important that my family thinks I'm doing

well.


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SPENDING HABITSEarn More, Spend More, Save More


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Fashion & AttitudeA very large part of the youths

income/allowances are spent on

clothes, sports(gym) and mobile phones


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INTERNET2011 Cisco Connected World Technology Report

1,441 college students (aged 18-24) and 1,412employees (aged 21-29)


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Internet access seems to have become a basic need,ranking behind air, water, food and shelter for at leastfor 33% of the respondents to a global survey bynetworking giant Cisco.

In India, 95% of the college students and youngemployees surveyed said the internet is as important intheir lives as water, food, air and shelter.

In terms of usage of social networking site Facebook,Indian respondents were ranked highest in the survey,with 92% of students checking their accounts daily,while one-third (33%) check their virtual walls at leastfive times a day.

The survey also said 85% of employees in Indiaconfirmed adding their colleagues and managers as

friends on Facebook.


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Facebook continues to be the dominant social networking

site for Indians. Of all the countries surveyed, India ranked

the highest in the frequency of Facebook interaction, with92 per cent of students and 98 per cent of employees

checking it daily.

CAUGHT IN THE NET

* Four of five college students and young employees

believe the internet is part of their daily lives

* Two-thirds of students say a mobile device is the most

important technology in their lives

* About 91% of college students and 88% of the

employees surveyed said they had Facebook accounts


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MOBILESThe new Best Friend


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Indian youth prefers WhatsApp, Facebook over SMS, calls: TCS

Survey

In India, 50% of the youth (age 15-24) connect to the Internet

through their mobile phones per day while 12% do it once a

week and 13% once a month..

Of the Indian mobile users that do access the Internet via their

mobile phones 79% checked their email, 67% use it for social

networking, 54% used it to search, 51% chatted online and 23%make online purchases.


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When comparing Internet usage to watching TV, 56% of

the youths (age 15-24) in India who use the Internet

spend more than 2hrs online/weekday and only 44%

spend more than an hour watch television/weekday.

On the weekends Internet usage for Indian youth

Internet users increase as 69% spend more than 2hrs

online, while those that watch TV more than 3hrs make

only 35% of the age group.

Youths in India that use the Internet look-up companyand product/service information on social media pages

the mostly (67%), with visiting the company website site

or online news as a secondary source (54%) and visiting

review sites a third most used source (42%).


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In the survey responds mostly research mobile phones

online before purchasing one (85%), followed by

laptops/tablets (79%) and cars/bikes (67%).

61% of all the Indians surveyed have been using the

Internet for more than 2 years, 19% between 1 and 2

years, and 20% for less than a year.


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Financial Knowledge

Study by IIM Students based on Visa FinancialLiteracy Survey

Sample Size consists of 1000 students and 1000early jobbers


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Financial knowledge component measures understanding of interestcalculations, relationship between inflation and return, inflation and

prices, risk and return, and the role of diversification in risk reduction.

Variation in financial knowledge by demographic

and socio-economic subgroups

Gender Domicile Education Income

Females score

less than males

but this is in line

with

internationalexperience

Employees with

rural

background

perform worse

than those withurban

background

Employees with

rural

background

perform worse

than those withurban

background.

Respondents in

the higher

income groups

appear to have

greater financialknowledge.


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Awareness of Financial Products

Only about 7% among the young employees have heard of all thecommonly available products

Awareness about even fixed deposits, a very common product availablewith the banks, is not universal.

More than half of the young employees are not aware of employeespecific vehicles for long-term wealth creation like PPF and pension-fund.

Awareness about many of the financial market saving vehicles, likeshares, bonds, and mutual funds is not very high

About one-fourth of the employees seem to be aware of only threeproducts, which include savings account, fixed deposits, and insurance.

Less than a quarter of the respondents depend on independent financialadvisers and advertisements..

As one would expect, the young employees appears to rely more on theinternet as a resource of information. They also seem to rely relativelymore on their own experience.


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Axis Bank

IDBI Bank

South Indian Bank

Tamil Nadu Mercantile Bank

Vijaya Bank

Indian Banks Offering Youth Banking Services


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Axis Bank- Launched in November 2012, the product, named 'YOUth account'is targeted at the youngsters, particularly students, in the age group of 18-25 years

IDBI Bank- Launched in August 2012, the Being Me account is targeted atthe youth, in the age group of 18-25

South Indian Bank- The Youth Plus Account launched in the year 2007 istargeted at the newly employed youth and students in the age group of 20-35

Tamil Nadu Mercantile Bank-Targetedat the 17-35 age group

Vijaya Bank- The V Genuth Savings Bank Account is an account targeted atstudents. Any one of the age 0-18 and any student more than 18 years of age can

open this account


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AXIS BANKYOUth Bank Account


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PROS CONS

Separate mini website with vibrant

colours and youthful language.

Zero balance Account

Customized and self designed debit

cards

Online Money pulled from parents

account as per limit set by them

Offers on movie tickets, onlineshopping etc

Specialised YOUthmobile app for

recharging and transferring funds

Annual Debit Card fees of Rs.400

per taxes

Limited following of the Y app on

facebook


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IDBI BANK

Being Me


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PROS CONSZero Balance Account

Preference for Project workat Bank (subject to availability

of seats)

Training on financial planning

Discounted charges for

opening of share trading

account with ICMS

Online options to pay yourbills or tax

Preferential rate on

educational loan

Although it promises to tie up

with different merchants to

provide offers from time totime, they fail to live up to it

Although a loyalty points

program is in place, it is not veryyouth oriented


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South Indian Bank

Youth Plus

Bank Account


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PROS CONS

FREE for life International

Credit Card

Facility to open Depository

account.

Preference for Project work

at bank, subject to availability

of seats.

FREE subscription of

Students Economic Forum by

e-mail

Min Quarterly Balance of

Rs.1000

Penalty for non maintenance

of minimum balance Rs. 250

per quarter.


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Tamil Nadu Mercantile Bank

PROS CONS

Waiver of Demat

account opening charges

Stock Trading Platform

Facility for opening Offline

Share Trading account

with M/s. Religare

Securities Limited

Free Personal Accident

Insurance Cover

for Rs.1,00,000

Although it attempts to

cater to the youth it does not

have any features that would

instantly appeal to its target

audience

Min Quarterly Balance of

Rs.1000

Penalty for non

maintenance of minimum

balance Rs. 250 per quarter.


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VIJAYA BANK

V Genuth Bank

Account

PROS CONS


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PROS CONS

While banks like Axis and IDBI require

Rs.3000 and Rs.1500 to open the bank

account, this account can be opened

with merely Rs.10Zero Balance Account

Balance in Savings bank Account in

excess of Rs.10,000/- transferred to

Term Deposit Account in multiples of

Rs.5,000/- to earn more interestNo fee for payment of School fees,

Hostel fees, etc. through the account

Offer of Education loan at concession

of 0.50% on the prevailing rate, in

recognition of continued relationship.Interest earned on credit balances in

VGenU TH is presently free from

TDS provisions

Basically a product catering to

students. The scheme is not available

to salaried youth

Due to the nature of product the

account has been tailored to be

handled by the guardian

Gets converted into a normal

savings account on attainment of

majority


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Documents

Youth Habits and Trends