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Millennials in Kerala most credit-conscious in country, says study

Millennials in Kerala most credit-conscious in country, says study

Published:16 September 2022

Millennials in Kerala are more credit-conscious in the country, a report issued by a tech-based credit score monitoring platform said. The study by OneScore was conducted among more than 9 million users of its platform across the country.

Kochi | Millennials in Kerala are more credit-conscious in the country, a report issued by a tech-based credit score monitoring platform said.
The study by OneScore was conducted among more than 9 million users of its platform across the country.
"The ‘Credit Literacy Index' report captured the millennials and Gen Z consumers becoming increasingly conscious of their credit and money management habits. According to this report, more than 46 per cent of millennials and Gen Z users reported an improved credit score in FY22," a release issued by OneScore said.
As per the report, Kerala ranked highest when it comes to credit-conscious, self-monitoring millennials with an average credit score of 726, followed by Gujarat, Chandigarh and Delhi with an average credit score that was above 720.
Whereas, Bihar and Assam featured at the bottom of the list with an average credit score hovering at around 700, the report said.
Speaking on the trends, Anurag Sinha, CEO and co-founder of OneScore and One Card, said millennials and Gen Z are driving a paradigm shift in the way the nation consumes credit.
"Comprising the country's largest workforce, millennials and Gen Z are driving a paradigm shift in the way India consumes credit. But even with unhindered access to credit and rising disposable income, this cohort is growing increasingly credit-conscious," Sinha said.
He said the millennials and Gen Z have a reputation for not being the savviest with their finances, however, this trend can be seen to be rapidly changing.
"There is growing awareness of the benefits of a good credit score and responsible credit management among the cohort which enables one to avail benefits such as increased access to pre-approved loans, lower interest rates, and longer tenures among others," he said.
The report highlighted that consumers are becoming more credit-conscious and taking an active role in managing their credit health.
"Millennial and Gen Z cohorts especially are actively undertaking self-monitoring of their credit score. The platform witnessed that over 56.8 per cent of millennials actively monitored their credit score in FY22 vis-à-vis 48 per cent in FY21. Whereas, in the case of Gen Z consumers actively monitoring their credit score, the platform witnessed a growth of over 2.5 times, from 7.1 per cent in FY21 to 19.1 per cent in FY22," the release said.
The platform also stated that it witnessed a 16 per cent jump in the average number of times millennials monitored their credit score annually.
The study also highlighted growing awareness among the cohort for paying credit card bills on time thereby portraying positive financial behaviour. The platform witnessed more than 83 per cent of millennial and Gen Z users make timely repayments in FY22 vis-à-vis 77 per cent in FY21.


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