How Millennials are using Money & the Need for Money is Endless Date:   Monday , October 31, 2016 Headquartered in Pune, EarlySalary proffers the mobile platform for borrowing money through its smart risk scoring system and all set to introduce the fast & easy way to get loan or buy products and pay later. Who are the Millennials? What is the Hullabaloo around Them? So essentially, the categories that we speak about are the metro-dwelling twenty something’s, who intend to save up not for retirement but for keeping up with the latest trends and for a sleek lifestyle. They breathe technology and they are repelled by the idea of cumbersome systems and processes. Patience and millennials do not go hand in hand. They do not prefer waiting. They still would not mind ‘loading’. They have grown up in Digitial Era and are used to being served instantly. Instant is the keyword here. They do not really like structure and embrace flexibility. Flexi-hours, innovation, virtual learning, work from home, transparency, and appreciation at work makes up an ideal work place for them. Be it choosing the best filter on Instagram or sweating it out in the gym to shed that extra gram or splurging on happy-hours to partying till wee hours. That is the ideal way of living. And they are hell-bent on not making any compromises that affects this ideality. They want to be more networked and up-to-date. They might not have an extravagant pocket, but they do have a wealth of information on the newest gigs, fancy dine-outs, happy-hours, fashion sales, flashy gadgets and upcoming movies. They are the ones who have switched to leisurewear from legitimate work clothes at office. Yoga pants and Hoodies are their thing. They are extremely choosy about what they eat. Actively seeking out organic food and keeping a check on calories with their calorie bands is what makes them fit. They love to be the mall-hoppers and the party goers. But, the stark reality is that their social environment does not go well with their financial environment. What is it that they Like Spending On? They seem to be paralyzed without their cellphone. It seems like they are deaf and mute without a cellphone. The ease of communication is lifted up with these gadgets. Due to the creeping peer-pressure, there is this incessant need to go out and shop for the in-vogue apparels, despite an already overloaded wardrobe. The generation likes everything on the go, right from food to cash to drinks to clothes. Literally everything. They gel up better with the online world and they are not exactly the best buds with the conventional offline ways of going about things. For this tech-savvy and intensively connected set of people, finance is more synonymous with, online payments virtual currencies or exclusive wallets. Online payment is hands-down the winner as opposed to its offline counterpart. Life is not colorful without having to spend on tatoos and piercings. Night-outs at Pubs and clubs are a go-to affair too. English breakfasts at cafes are not to be missed. Extravagant spends on cosmetics and grooming. Today a good percentage of young women spend considerable amount of their pay on make-up and salons. Looking chic and fashionable is the need of the hour for them. Their fixation with Instagram selfies and Facebook validation of their profile pictures makes them want to look best in every situation. The Financial Mess that they Find Themselves Confined In Inspite of decently filled pockets in the beginning of month, they find themselves broke at month ends. This cycle starts from a mid-month financial crisis.Then it moves to the phase of embarrassed borrowing of the little cash from friends and family. And, then ends at ultimately giving up necessities and lifestyles to survive till the next salary date. In the initial days of the month, life is grand and exciting when money is pouring out of the pockets. Then these transits to a big hole in the pocket coupled with supressed wishes and longings. Fintech Coming to the Rescue Millennials\' utter inclination towards technology has led them to expect everything to be instantaneous, including managing their finances. This simply means that they want to constantly have finances on the tip of their fingers. They do not really care about the nitty-gritties of the conventional banks/financial institutions. This is where fintech startups which offer quick loan come in the picture. These mobile app based companies offer small ticket loans, focused towards individuals who have just entered the workforce and don’t have a credit history. It is a smart solution to the diminishing cash in the pockets of millenials. These apps have made an attempt to put a full stop to cash woes and ensure that the lifestyle quotient is preserved for the millennials. Lifestyle is their most prized possession, and they are not willing to compromise. With apps coming to the foreground, millennials can have their weekend getaways and shopping plans executed without giving a second thought. They can get on the boat of monsoon sales, and feel trendy without drowning in the sea of cash crunches. Sumptuous Brunches without any cash crunches, Mall hopping with endless shopping all becomes possible with quick loans offered by apps now.