Millennials consider social networks central to their financial decisions

Affluent millennials are more likely to facilitate their entrepreneurial and life goals by opting for debt-related financial products. According to a Millennials India study conducted by LinkedIn and MEC, 68 per cent of this group owns at least one credit card and 52 per cent have a personal loan. Given their entrepreneurial spirit, it is not a surprise that 27 per cent have a business loan.

The study revealed that 60 per cent of this group consider social networks as a must have for making a financial decision. For financial services providers this translates into two key takeaways, building stronger relations with the affluent millennials and generating relevant content online. Millennials are an incredibly crucial audience for marketers. Financial services companies that personalise and socialise their approach, provide expert advice in order to establish trust can build a loyal customer base at an early stage.