Financial wellness has seen a decline, particularly among millennials, according to ICICI Lombard General Insurance’s 7th edition of its India Wellness Index 2024, released on Monday. The survey, covering 2,155 consumers across 19 cities in India, highlights that corporate employees have witnessed a 7% decline in awareness and influence over managing wealth and investments, particularly in Tier 1 cities. The situation is even worse when it comes to access to financial infrastructure, where a 9% decline was noted among corporate workers.
Millennials, too, have been struggling with their financial health. The survey revealed a 6% drop in their financial wellness, with a noticeable lack of motivation and resources to invest in their future. Awareness about wealth management has decreased, leaving this generation grappling with financial instability.
The survey covered people aged between 18 to 50 from the National Consumer Classification System (NCCS) A and B categories, which represent middle to upper-income groups.
Participants were:
69% male and 31% female participants
35% aged between 18 to 24, 35% aged 25 to 35, and 30% aged 35 and above
Equally split between 50% health insurance owners and 50% non-owners
Business Standard breaks down the outcome of the survey:
Corporate financial wellness
Corporate employees saw a 7% drop in financial awareness, a 7% decline in influence, and a 9% drop in access to financial infrastructure. Millennials have seen a 6% decline in financial wellness, struggling with managing investments and lacking access to resources.
The decline in awareness around managing wealth was particularly evident among women in Tier 1 cities, where financial awareness saw a 9% drop compared to previous years, according to ICICI Lombard.
Mental wellness concerns on the rise
The report further revealed a troubling picture of mental wellness across all age groups. 80% of Indians report suffering from at least one stress symptom, with 43% feeling weak or tired, 38% having trouble sleeping, and 33% experiencing nervousness, restlessness, or tension. Women are more likely to report these stress symptoms than men, which reflects the higher levels of mental stress among women, particularly in corporate sectors.
Depression symptoms are also widespread, with 69% of respondents experiencing at least one symptom of depression, such as fatigue (30%), hopelessness (27%), and uncontrollable emotions (26%). These mental health challenges have added to the overall wellness concerns in India.
Awareness of heart conditions
When it comes to heart health, the report showed that 89% of Indians are aware of the symptoms associated with heart disease, but only 25% could accurately identify the correct symptoms. Many people confuse unrelated factors like irregular sleep (33%), drinking less water (28%), and high screen time (21%) as heart disease risks.
The most commonly reported heart-related ailments include stress or anxiety (31%), joint or back pain (28%), and high blood pressure (24%). These findings underline the need for better public education on heart health.
Millennials vs Gen Z: Who is faring better?
While millennials continue to struggle with their overall wellness, the younger Gen Z generation seems to be doing better. The report highlighted that millennials have seen a 5% decline in physical wellness, a 5% drop in family wellness, and a 6% drop in financial wellness.
In contrast, 80% of Gen Z respondents reported feeling physically well, and 75% expressed confidence in managing their finances. This generation appears to have a more positive outlook on balancing wellness aspects like personal, physical, and financial health.
Millennials: 5% drop in physical and family wellness, 6% decline in financial wellness.
Gen Z: 80% report feeling physically well, 75% report financial wellness.
Family wellness sees a decline
The report shows a drop in family wellness, particularly among millennials. Only 68% of millennials feel they are spending enough time with their families or adequately managing family-related responsibilities. This marks a 5% decrease compared to the previous year. The pressures of work and managing finances appear to be taking a toll on family life, particularly in Tier 1 cities.
Social media’s growing influence
Social media has become a popular tool for discussing and gaining information on wellness. According to the survey, 70% of Indians use platforms like Instagram (87%) and YouTube (81%) to seek out content on physical and mental wellness. Millennials are especially active in this space, with 63% following wellness influencers for advice.
Wellness trends across regions
Varanasi and Chandigarh topped the list of cities for overall wellness, with scores of 87% and 86%, respectively. The North zone cities lead the country with an overall wellness score of 76%, while the West zone lagged at 69%.
Tier 1 cities continue to show lower financial and mental wellness compared to Metro cities. The dissatisfaction is more pronounced among women, who report both lower mental and financial well-being.
Corporate employees in Tier 1 cities reported lower access to mental health resources, with only 59% feeling they had adequate access to support groups or counselling services.
First Published: Oct 01 2024 | 6:25 PM IST
