Indian Millennials Embrace Globalization and Say it is Key to Shaping the Future: Western Union Global Study

Indian Millennials Embrace Globalization and Say it is Key to Shaping the Future: Western Union Global Study

MUMBAI, June 21, 2018 /PRNewswire/ --

- More millennials in India see themselves as global citizens (78%), as compared to the global average (57%)
- Indian millennials believe a future with limitless movement around the world is empowering (86% in India and 79% globally)
- Nine out of 10 Indian millennials want to have a direct say on matters of global and national significance, and they believe technology enables their voice to be heard more easily (91% in India and 88% globally)

Indian millennials are confident that globalization will make the world a better place for themselves and others; and are committed to leading this change, according to research commissioned last year by Western Union, a leader in cross-border, cross-currency money movement. This study conducted across 15 countries reveals that millennials are united by a belief in globalization, want the freedom to experience the opportunities it brings, and have a desire to play a role in shaping the future using technology.

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The Western Union global study 'Globalization: A World View of the Future' asked more than 10,000 millennials across 15 countries about their beliefs, hopes and aspirations for the future and the world that they wish to shape for themselves and others. Native, first-generation and foreign-born people between the ages of 20-36 were surveyed in India, Australia, Brazil, Canada, China, Egypt, Germany, Indonesia, Mexico, Russia, South Africa, United Arab Emirates, United Kingdom, United States, and Vietnam. Most countries surveyed have significant millennial populations; in India, 34 percent of the population is comprised of millennials [1].

The survey shows that in India, tomorrow's future shapers overwhelmingly are united by a belief in a world of collaboration (89%), unrestricted by geographical borders. They agree that a better global future can be achieved through collaboration, not only at the individual level, but also the global level. They believe that countries need to collaborate, rather than compete with one another to ensure fair representation across the globe.

Presenting the results at a roundtable discussion moderated by Ankit Vengurlekar, Technology Editor at Tech2, Sohini Rajola, Regional Vice President, South Asia and Indo-China at Western Union said, "The world is changing and there is a new economic power shift, driven by a new generation of global citizens, including here in India. They are shaping the future, and inspiring others to do the same. They are redefining globalization to one of 'personal globalization' where the pursuit of limitless cross-border movement, cross-border digital communication and creative lifestyle drives new economic power."

Representing a range of millennial interests and aspirations, other participants in the round-table discussion were Pooja Dhingra, entrepreneur and founder of Le15 Patisserie; Karishma Mehta, founder of Humans of Bombay; Himanshu Sehgal, food and travel blogger and founder of MyYellowPlate; Siddharth Shahani, Executive Director at Indian School of Design & Innovation.

Himanshu Sehgal, known for his inspirational food and travel blog, shared a core insight that millennials are inspiring future shapers, who will be the leaders of tomorrow. "Today's youth are more aware of what they want the world to be, not only for themselves, but for all. Their strong belief in global citizenship as key to creating a world open to collaboration, cohabitation and overall development is heartening to see, and is what will shape the present and the future," said Himanshu.

"This generation is made up of all kinds of future leaders-entrepreneurial, corporate, political, and social influencers. It is inspiring to hear from India's future shapers who are the leaders of tomorrow. They want to shape the world not only for themselves, but for all," said Rajola.

The following key findings are highlighted as important to millennials:

Global Citizenship: The Way of the Future 

Global citizenship is pivotal for creating the world millennials want for the future. Millennials view connection and collaboration as the most critical steps forward to achieving global citizenship.

- More millennial Indians (78% v. 57% globally) see themselves as global citizens
- To ensure a better global future, 89% of Indian millennials (v. 90% globally) agree that countries need to collaborate with one another, not compete with one another
- 89% of Indian millennials (v. 84% globally) believe that social media has played a significant role in uniting the world, sharing information promoting transparency, fostering debate on global issues and contributing to greater community togetherness

Freedom to be Global Safeguards the Future 

The idea of limitless movement empowers millennials, as they believe it will allow them to control their destiny. The majority of millennials believe that creating a more open world will unlock opportunities for better job prospects and result in economic freedom, including the ease of money movement.

- 89% of Indian millennials (v. 86% globally) agree that living or working in other countries unlocks opportunities for better jobs and education abroad
- Indian millennials have a strong hope that people and business will work together, and that the exchange of commerce and money will become easier by 2030
    - 63% of millennials in India (v. 56% globally) believe that sending money cross-border   will get easier by 2030, with 44% in India and 29% global millennials arguing that a single global currency would foster great global unity

Governing the Future 

Today, borders going up across the world-and politicians and governments reasserting the concept of the nation state-are leading many millennials to believe that these institutions are not representing their respective views. However, a significant number of millennials are adamant that collaboration is essential and believe that shaping the future is up to them, rather than institutions. 

- Nearly 9/10 (86%) of Indian millennials think that the governments of the future will be hybrids of democratic institutions and the power of people as individuals, as compared to (7/10) 70% of millennials globally
- Nine out of 10 Indian millennials want to have a direct say on matters of global and national significance, and they believe technology enables their voice to be heard more easily (91% in India and 88% globally)

Unity and Inclusiveness 

There are mixed sentiments regarding whether the world is at peace, given concerns that increased racism and nativism may pose a threat to global citizenship and an open world. Millennials believe the most important trait to eradicate social discrimination is ensuring that there is respect for diversity.    

- 16% of Indian millennials (v. 10% globally) think that religious differences is the biggest threat to the free flow of people across borders in the world right now, followed by nationalist politics (13% v. 11% globally), fear of immigrants (12% v. 17%), racism (11% v. 19% globally) and outdated immigration policies (7% v. 9% globally) 

In tribute to the future shapers of the world, please view Western Union's #LiveMore #ShareMore. manifesto.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in more than 40 countries to move money around the world.  In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

[1] Source: https://www.livemint.com/Consumer/vj5e3v3uGyQR9KRwcvNBvN/Millennials-to-redefine-Indias-consumption-story-report.html?utm_source=scroll&utm_medium=referral&utm_campaign=scroll  

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FleishmanHillard for Western Union