Millennials once said as the most promising generation right now. Compared to the more senior generation, millennials is seen as having higher education degree, earning more income, and physically as well as digitally connected to the global world. However, the higher living standard of the millennials leads them to face any kind of financial challenges. Regarding this condition, we conduct a survey to understand millennials’ up and down on financial issue.
Our survey is mostly focused on the financial worries, confidence, and expectation of the future economic condition. We involve 818 millennials respondent in nationwide to participate in this survey. According to the data of Badan Pusat Statistik, the number of Indonesian millennials in 2020 is estimated to reach up to 83 million people. Therefore, by using Krejcie and Morgan (1970) sampling technique procedure, our sample size is considered as an acceptable number to represent the whole population.
One good point of this survey is that our millennials respondent in this survey is confident enough about their future economy. Surely, they worry about the overall economy, but they are optimistic to be able to overcome these worries. Another notable finding we find in the case of respondent purchasing habit to save money. Our male and female respondent in this survey show different method to effectively purchase product, so that they can save more.
Essential step to understand millennials economic condition is by mapping their financial priorities and worries in life. Saving money seems to be the most prominent financial priorities for more millennials. Sure, most of them do not want to be a financial burden to their loved one by saving enough money. Moreover, the overall economy becomes a worry for all millennials in this survey. However, household debt and the urgency of saving for retirement period are considered their worries.
The effort to overcome financial worries is shown by trying to save more and even taking extra works. For fewer respondents in this survey, they are even willing to lower their lifestyle to be able to overcome these worries. Moreover, although millennials is considered as the generation who earn more, but the current economic standing of our respondent in this survey are mostly just doing okay.
Comparing the economic condition to previous year, most of our respondents in this survey consider their economic condition is better than last year. To reflect it with their purchasing experience this year, 70% of our respondents in this survey ever buy new stuffs such as gadget, jewellery, and vehicle.
Estimating the future economic condition of our respondent, 84% of them expect a better financial condition in 2017. Most of them even plan to buy costly stuff such as house and jewellery.
Cash and debit card become two most frequently used payment method for respondents’ financial transaction. Moreover, our survey finding also reflects the difference between men and women’s habit to save money. Our male respondent tends to looking for special shopping incentives to save more money. In other hand, our female respondent tends to limit purchase only to item with deep sales.
Our millennials panel in this survey is considered as the confident generation. In general, most of our respondents in this survey are confidence enough to be able to overcome all their financial worries next year. Furthermore, 36% of our panel even strongly confidence about it.
For more detail you can download XLS report at the button below (Bahasa Indonesia). JAKPAT report consists of 3 parts which are 1) Respondent Profile, 2) Crosstabulation for each question and 3) Raw Data. Respondent profile shows you demographic profiles ( gender,age range, location by province, and monthly spending). Cross tabulation enables you to define different demographic segment preference on each answer.
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