Financial Inclusion for Generation Z - Quicker is the New Better

Generation Z or “Gen Z” i.e. the post-millennium generation is the generation born after millennials. Generally, these are the people who were born between mid or late 90s to mid 2000s or even 2012. This is the youngest generation in the generational segmentation currently and will be the adults of tomorrow. This generation like the generation of their elder siblings i.e. millennials, has rather different core values than the older generations like Generation X, which includes their parental generation. The ideas of independence, integrity, open-mindedness and honesty are quite clear, as is the overall technical know-how. The experts believe that this generation believes in quick delivery and fast results more than their previous ones.  This remains the same when it comes to handling finances and financial responsibilities.

This generation includes kids between 2-12 years of age, teenagers and young adults about 21 years of age. To understand the financial behaviors or trends among these groups, it is important to know how the shift has been for them in comparison to their older siblings. Although similar to millennials in many aspects, persons from Gen Z are expected to invest more on independent and advertised platforms. For them, as for their parents, understanding the upcoming flows in market is very important to understand.

In India, there has largely been little shift, considering that the vast majority of Indians have not yet tapped into the global economic enterprises or perspectives. However, this is rapidly changing as India moves firmly towards a consistent and fast-paced economic growth. With youth as majority of its population, India is moving dynamically ahead towards a total economic inclusion. In the coming future, as Gen Z moves on towards adulthood and employment, it will have to participate in the commercial and fiscal front.  Therefore, it is very important to safeguard the financial interests and projections of this generation.

Young professionals should start early so that by the time their planned goals are in sight, they are financially ready for them. Same goes for the Gen Z as well. If too young, then their parents/guardians must invest in child plan and if in early stages of adulthood, they must understand the importance of saving and future planning.  Equally they must understand the importance of safe and guaranteed investments so that they are equipped for the future. Here comes the importance of insurance for safeguarding of monetary interests.

HDFC Life presents numerous such beneficial and comprehensive plans that are aimed at assisting you at any stage of your life. From planning your child’s future, to protection of your retirement capital – from saving and wealth building to specific goal oriented plans that secure your financial resources for you at all times and offer coverage against multiple risks. 

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