Millennials are the unconventional lot, who believe in following their passions. They believe in experiences and generally end up spending a lot on their travel, hobbies, etc. They are aspirational, with 24x7 internet connectivity, live on credit cards, and wear best of international brands. Savings and investments are not on their priority list. Their financial planning behaviour is also very different from older generations. They prefer to save for short-term smaller goals, like a trip to their next overseas destination or buying the latest Apple MacBook. Savings for purchasing a house or for retirement planning are among the last on their lists. But they would do well to follow some age-old rules.
