March 03, 2025: Ahead of Women’s Day, a study by fintech and consumer lending app Fibe highlights home ownership and career advancement as the top two long-term aspirations of single women in India.
The study shows that 44% of single women aim to buy a house, a higher percentage than single men. In terms of financial independence, 30% of single women prioritise this goal, compared to 21% of single men. Single men, however, show greater interest in acquiring new technology and gadgets. Additionally, 70% of single women prioritise career growth, compared to 58% of married women. Among married respondents, 52% of women expressed a stronger desire for homeownership compared to 45% of married men.
Study demographics
The ‘Fibe-Millennial Upgrade Index,’ conducted among 8,000 individuals across metros and non-metros, provides insights into the aspirations of young Indians. Respondents were predominantly below 30 years old (47%), followed by those aged 30-35 (26%), 35-40 (14%), and above 40 (13%).
Long-term goals
Homeownership (41%), entrepreneurship (21%), and financial independence (19%) emerged as the top three long-term goals among Indian millennials. More than 41% of those aspiring to buy a house are under 30. The study also indicates that millennials in non-metro areas show a stronger preference for starting their own businesses than those in metros.
Short-term goals
In the short term, millennials focus on upgrading their lifestyle, improving convenience for family, and exploring new experiences. The study highlights that 60% of respondents in metro cities prioritize securing a better job due to increasing competition.
Barriers to achieving aspirations
Financial constraints remain the biggest hurdle, with 45% citing it as a major challenge.
- Long-term goals: 35% of millennials prioritise other family expenses over personal aspirations, while 15% struggle with a lack of financial planning.
- Short-term goals: 23% of respondents mention medical expenses and family needs as priorities, while 13% cite time constraints and 8% mention lack of motivation.
Plans to achieve aspirations
To achieve their long-term goals:
- 39% plan to save and manage finances strategically.
- 21% intend to explore additional income sources.
- 29% would seek credit.
For short-term goals:
- 26% plan to save before making purchases.
- 59% would opt for financial solutions or credit.
A growing number of individuals are considering digital lending platforms for financing needs, with 21% exploring alternative income sources for better financial planning. Digital lending is gaining traction, particularly for education and healthcare expenses.
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