New Delhi, Dec. 8 -- Over the past few years, India's declining savings rate has been a puzzle for macroeconomists. Some have blamed slow rise in household incomes for this. Others have suggested that India's changing demographics may be to blame, with younger Indians saving less than their parents did.

However, fresh data from the latest round of the YouGov-Mint Millennial Survey shows that among urban India's working population, the younger age cohorts tend to save a higher share of their incomes than their older counterparts. The savings patterns of post-millennials and millennials are similar, the data show.

Millennials refer to those who have attained adulthood in the early twenty first century, and grew up at a time when the world...