siliconindia | | August 20208illennials have often been criticized as a generation that spends more and saves less, and this pandemic might prove to be a coming of age story for them. Fearing salary cuts and layoffs, believers in the "here and now" have started planning for the future and the "buy now, pay later" mentality is being fast-replaced by "save for a rainy day" mentality.While the Covid-19 pandemic has been causing havoc indiscriminately, millennials have suffered a lot because of it. The service industry, which has been a major victim of the pandemic, is coincidentally also the industry that gives employment to a large number of millennials. Thus, the total shut down of industries like travel, tourism, and hospitality has plunged the generation into a state of panic and fear.According to a survey that was conducted in February of this year, millennials overspend between Rs 400/- to Rs 1300/- per week, which is a habit that they'll have to check to survive the current scenario. Although the mil-lennials aren't known for their financial planning, they have started analyzing their finances seriously. Many are under tremendous pressure as they're facing job loss or salary cut on one end and have to find some way of paying the EMIs for the loans.A young entrepreneur, Rachit Chawla is a registered financial adviser with SEBI. He is also Founder and CEO of Finway, a registered Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI). The company has emerged into various financial consumer services organization addressing all financial needs for individuals / companies like home loan, business loan, investment advisory etc. Besides being SEBI registered investment adviser, Rachit Chawla is also a certified Investment Adviser from National Institute of Securities Markets and also a holder of Insurance Regulatory and Development Authority (IRDA) license. Child prodigy, Rachit Chawla is a Graduate in Business & Management from Aston University, Birmingham, U.K., he is planning to make Finway Rs. 1000+ crores company in the next 3 years.By Rachit Chawla, Founder and CEO, FinwayHOW CAN THE MILLENNIALS DEAL WITH THIS CRISIS, SHORTAGE OF FUNDS, AND JOB LOSS AMID COVID-19?IN MY OPINIONMRachit Chawla
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