New Delhi, January 20: Millennial women are more conservative than their male counterparts when it comes to borrowing and spending money, a recent survey has revealed. It analysed close to 400,000 loan applications, of which only 10 per cent of borrowers were women, according to mobile-based short-term loan provider, CASHe’s report, titled ‘The 2019 Millennial Loan-o-Nomics’.
The survey that analysed consumption patterns, buying behavior and borrowing habits of borrowers in their platform further finds that medical expenses and consumer durable purchases topped the borrowing chart, followed by loan foreclosure and holidays. About 37 per cent of millennial customers resorted to lending during emergencies in 2019, a sharp increase from 31 per cent in 2018, it said.
Meanwhile, 43 per cent of millennials taking loans from CASHe’s platform were earning between Rs 25,000 and Rs 50,000 monthly income bracket, and 36 per cent were those earning between Rs 15,000 to Rs 25,000. Bengaluru continued to top the millennial credit demand, followed by Hyderabad and metros such as New Delhi, Pune, Mumbai, Chennai, Jaipur and Ahmedabad, it noted.
In terms of loan size, 27 per cent preferred small ticket loans of under Rs 10,000, which accounted for 55 per cent of loan borrowed from the platform. Meanwhile, Christmas, New Year, and Diwali topped the chart as peak seasons that millennials borrowed the highest number of loans.