LIC AND MILLENNIALS: A WINNING ASSOCATION
Another desire that rides high among youngsters is financial freedom. Spending it comes easy, but saving it poses a challengefor them. But they equally grapple when it comes to managing their money. Going by the available data on household savings over the past decade; it indicates that the savings rate hasbeen going down, which could mostly be attributed to a younger workforce which is saving less and spending more. They are not realising the one big challenge that they face increasing longevityand shorter work-life. The desire to retire at 40 is common for those in their 20s, without realising the fact that they may need monies to see them for 3-4 decades after they stop working at 40. And, to maintain the lifestyles that they aspire, it is imperative that they plan for a considerable amount of funds to sustain in the future.