Millennials depend on social media for fin decisions: Report

About 86 per cent of the dynamic, self-empowered and technologically advanced generation, a key driver of India's economic growth, consider social media networks as key to take their financial decisions, according to a recent survey.

LinkedIn and MEC's 'The Affluent Millennial Opportunity' study revealed that 86 per cent of the affluent millennials use social media for obtaining financial information.

"Majority of the millennials, those born after 1982, consider themselves global citizens who are digitally savvy and constantly looking for information. Our 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," LinkedIn India Director of Marketing Solutions Ashutosh Gupta said.

The millennials look for a financial institution which offers a great degree of privacy and has a positive buzz online, the survey added.

It revealed that affluent millennials are more likely to facilitate their entrepreneurial and life goals by opting for debt related financial products.

Further, it said that 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, it opined.

About 54 per cent of affluent millennials said they conduct their own research before making an investment, but consult with an advisor to validate before they take a decision.

It said 68 per cent affluent millennials expect to be successful and advance quickly in their career through their own hard work and not through their country's prosperity.

They look for a financial institution, which offers a great degree of privacy and has a positive buzz online like peer opinion (93 per cent), thought leadership (92 per cent) and informational resources (90 per cent) is the content affluent millennials want from a company on social networks.