Demographics Age Group Total Males Females 13-19 142701 75972 66729 20-24 89764 46321 43443 Youth, the population aged 1524, constitute some 222 million and represent 20 % of the Indian population
This predominance of youth in the population is expected to last until 2050
India has a median age at 26 years (as of 2010), trending towards 28 in 2020
Youth The mall culture, caf culture and increased disposable income have changed the way youth today conduct themselves and manage their funds. They are energetic consumers of media, fashion and lifestyle products They are motivated and geared with limitless aspirations
Aspirations The youth today are increasingly tech- savvy, lively and fit; politically aware
Job, success, looking good, and being liked by other people are some of their key concerns
Going to the gym and looking stylish plays a large part in there aspirations
HT Survey 2012 Media Preferences Newspapers, Magazines, Television, and Internet Popular social networking websites Facebook and Twitter turned out to be both tools of social interaction as well as demonstration.
As digital media grows ever stronger and all-pervasive, young people are reading less
Newspaper readership fell from 37.4% in 2010 to 23.2% in 2011
While print media faces an uphill challenge, the fascination with television and the internet has anything but ebbed They want better quality, more value-for- money, superior experience and more.
The number of respondents who used Facebook to make announcements to their friends jumped from 10.1% in the previous survey to 20.65% this time around
People want to wear whatever they have as badges of honour and like to keep constantly updating their facebook statuses and tweets Role Models The youth of the nation embodies all the contradictions and chaos that characterise contemporary India when it comes to choosing their role models Family First In the global TGI Survey, India ranked highest at a whopping 76% in the category It is important that my family thinks I'm doing well. SPENDING HABITS Earn More, Spend More, Save More
Fashion & Attitude A very large part of the youths income/allowances are spent on clothes, sports(gym) and mobile phones INTERNET 2011 Cisco Connected World Technology Report 1,441 college students (aged 18-24) and 1,412 employees (aged 21-29) Internet access seems to have become a basic need, ranking behind air, water, food and shelter for at least for 33% of the respondents to a global survey by networking giant Cisco.
In India, 95% of the college students and young employees surveyed said the internet is as important in their lives as water, food, air and shelter.
In terms of usage of social networking site Facebook, Indian respondents were ranked highest in the survey, with 92% of students checking their accounts daily, while one-third (33%) check their virtual walls at least five times a day.
The survey also said 85% of employees in India confirmed adding their colleagues and managers as friends on Facebook. Facebook continues to be the dominant social networking site for Indians. Of all the countries surveyed, India ranked the highest in the frequency of Facebook interaction, with 92 per cent of students and 98 per cent of employees checking it daily. CAUGHT IN THE NET * Four of five college students and young employees believe the internet is part of their daily lives * Two-thirds of students say a mobile device is the most important technology in their lives * About 91% of college students and 88% of the employees surveyed said they had Facebook accounts MOBILES The new Best Friend Indian youth prefers WhatsApp, Facebook over SMS, calls: TCS Survey
In India, 50% of the youth (age 15-24) connect to the Internet through their mobile phones per day while 12% do it once a week and 13% once a month. . Of the Indian mobile users that do access the Internet via their mobile phones 79% checked their email, 67% use it for social networking, 54% used it to search, 51% chatted online and 23% make online purchases.
When comparing Internet usage to watching TV, 56% of the youths (age 15-24) in India who use the Internet spend more than 2hrs online/weekday and only 44% spend more than an hour watch television/weekday.
On the weekends Internet usage for Indian youth Internet users increase as 69% spend more than 2hrs online, while those that watch TV more than 3hrs make only 35% of the age group.
Youths in India that use the Internet look-up company and product/service information on social media pages the mostly (67%), with visiting the company website site or online news as a secondary source (54%) and visiting review sites a third most used source (42%).
In the survey responds mostly research mobile phones online before purchasing one (85%), followed by laptops/tablets (79%) and cars/bikes (67%).
61% of all the Indians surveyed have been using the Internet for more than 2 years, 19% between 1 and 2 years, and 20% for less than a year.
Financial Knowledge Study by IIM Students based on Visa Financial Literacy Survey Sample Size consists of 1000 students and 1000 early jobbers Financial knowledge component measures understanding of interest calculations, relationship between ination and return, ination and prices, risk and return, and the role of diversification in risk reduction. Variation in financial knowledge by demographic and socio-economic subgroups
Gender Domicile Education Income Females score less than males but this is in line with international experience Employees with rural background perform worse than those with urban background Employees with rural background perform worse than those with urban background. Respondents in the higher income groups appear to have greater financial knowledge.
Awareness of Financial Products Only about 7% among the young employees have heard of all the commonly available products Awareness about even fixed deposits, a very common product available with the banks, is not universal. More than half of the young employees are not aware of employee specific vehicles for long-term wealth creation like PPF and pension-fund. Awareness about many of the financial market saving vehicles, like shares, bonds, and mutual funds is not very high About one-fourth of the employees seem to be aware of only three products, which include savings account, fixed deposits, and insurance. Less than a quarter of the respondents depend on independent financial advisers and advertisements.. As one would expect, the young employees appears to rely more on the internet as a resource of information. They also seem to rely relatively more on their own experience. YOUTH BANKING Indian Banks
Axis Bank IDBI Bank South Indian Bank Tamil Nadu Mercantile Bank Vijaya Bank Indian Banks Offering Youth Banking Services Axis Bank- Launched in November 2012, the product, named 'YOUth account' is targeted at the youngsters, particularly students, in the age group of 18-25 years
IDBI Bank- Launched in August 2012, the Being Me account is targeted at the youth, in the age group of 18-25
South Indian Bank- The Youth Plus Account launched in the year 2007 is targeted at the newly employed youth and students in the age group of 20-35
Tamil Nadu Mercantile Bank-Targeted at the 17-35 age group
Vijaya Bank- The V Genuth Savings Bank Account is an account targeted at students. Any one of the age 0-18 and any student more than 18 years of age can open this account
AXIS BANK YOU th Bank Account PROS CONS Separate mini website with vibrant colours and youthful language.
Zero balance Account
Customized and self designed debit cards
Online Money pulled from parents account as per limit set by them
Offers on movie tickets, online shopping etc
Specialised YOU th mobile app for recharging and transferring funds Annual Debit Card fees of Rs.400 per taxes
Limited following of the Y app on facebook
IDBI BANK Being Me PROS CONS Zero Balance Account
Preference for Project work at Bank (subject to availability of seats)
Training on financial planning
Discounted charges for opening of share trading account with ICMS
Online options to pay your bills or tax
Preferential rate on educational loan
Although it promises to tie up with different merchants to provide offers from time to time, they fail to live up to it
Although a loyalty points program is in place, it is not very youth oriented
South Indian Bank Youth Plus Bank Account
PROS CONS FREE for life International Credit Card
Facility to open Depository account.
Preference for Project work at bank, subject to availability of seats.
FREE subscription of Students Economic Forum by e-mail Min Quarterly Balance of Rs.1000
Penalty for non maintenance of minimum balance Rs. 250 per quarter.
Tamil Nadu Mercantile Bank PROS CONS Waiver of Demat account opening charges
Stock Trading Platform Facility for opening Offline Share Trading account with M/s. Religare Securities Limited
Free Personal Accident Insurance Cover for Rs.1,00,000 Although it attempts to cater to the youth it does not have any features that would instantly appeal to its target audience
Min Quarterly Balance of Rs.1000
Penalty for non maintenance of minimum balance Rs. 250 per quarter.
VIJAYA BANK V Genuth Bank Account PROS CONS While banks like Axis and IDBI require Rs.3000 and Rs.1500 to open the bank account, this account can be opened with merely Rs.10 Zero Balance Account Balance in Savings bank Account in excess of Rs.10,000/- transferred to Term Deposit Account in multiples of Rs.5,000/- to earn more interest No fee for payment of School fees, Hostel fees, etc. through the account Offer of Education loan at concession of 0.50% on the prevailing rate, in recognition of continued relationship. Interest earned on credit balances in V GenU TH is presently free from TDS provisions
Basically a product catering to students. The scheme is not available to salaried youth
Due to the nature of product the account has been tailored to be handled by the guardian
Gets converted into a normal savings account on attainment of majority
Free Services Axis Bank IDBI Bank SIB TN Merc Bank Vijaya Bank Mobile/Tele Banking Service Internet Banking facility ATM cum Debit Card Inward fund transfer * Personalised Cheque book usage of our ATM network