71% People Believe Financial Security For Family Is Most Important Life Goal: Survey

Private life insurer Bajaj Allianz Life Insurance on Thursday unveiled the second edition of its flagship survey, Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, which identifies the Life Goals and aspirations of Indians.

It is intended to provide a comprehensive overview of India's life goals, aspirations, motivators, and readiness to pursue these goals.

The comprehensive study maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve these goals.

Providing financial security for the family emerges as the top Life goal for Indians post-pandemic with 71 per cent Indians prioritizing it over other goals.

According to the Bajaj Allianz Life India's Life Goals Preparedness Survey 2023, retirement planning, leading a balanced lifestyle, and providing for children's education remain among the top life goals.

New focus areas like career growth, travelin abroad and ensuring adequate care for ageing parents are also emerging as important Life Goals for Indians. Interestingly, the average number of goals increased from 5 in 2019 to 11 in 2023.

Life Goals Preparedness Index, which is a function of confidence, knowledge and action taken towards financial planning for one’s Life Goals, stood at 47 as Indians aspire for more Life Goals post the pandemic.

INDIA’S TOP LIFE GOALS ACROSS CATEGORIES

·         71 per cent of the respondents have financial security for their family as the most important Life Goal

·         Post-covid, 84 per cent Indians have the desire for living a balanced life as compared to 51% in 2019

o   1 in 2 Indians say living a balanced life is their priority Life Goal

·         2 in 3 Indians have health and fitness goals up from 35 per cent in 2019

o   Being physically and mentally fit is amongst the top 5 Life Goals for respondents

o   Health goals see a sharp increase in non-metro regions with a 33 per cent points jump

·         2X increase in Indians pursuing travel goals over 2019, particularly in metros and among younger consumers

·         8 in 10 Indians across salaried or business segment have career related Life Goals, a 1.5X jump over 2019

o   Pursuing higher education is a Life Goal for 1 in 4 Indians

·         Ensuring adequate care for aged parents is a priority Life Goal for 40% of the respondents

·         Philanthropy sustained as a new-age Life Goal, including avenues like providing employment opportunities, supporting other’s dreams or imparting knowledge through teaching

o   1.6X Increase in Indians looking to contribute towards creating a social impact

“It’s interesting to observe that India’s goals are a mix of accomplishing important goals like financially securing their family and leading a balanced life, along with having an aspiration to do more in one life. This reflects the strong tenets of the growth economy of India, and the increasing confidence amongst Indians. Post pandemic, the country has emerged stronger and our fundamentals to progress as a nation has outshone many, which I believe has fueled the aspirations of the nation,” said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance at the unveiling of India’s Life Goals Preparedness Survey 2.0, here in New Delhi.

DRIVERS OF LIFE GOALS

The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 reveals that the average number of influencers increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advice continues to increase. 

·         Social media is amongst the top 3 influencers of Life Goals for Indians

o   Over 2X increase in importance of social media in fueling new age health, travel & lifestyle goals

o   Rising influence of social media amongst non-millennials in deciding Life Goals

“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and living a holistic life encompassing self-care, family-security, and societal-wellbeing surfaces across cohorts of socio-economic profile. Further, the survey underlines a key finding that Life Insurance continues to be a reliable anchor and enabler to India’s Life Goals,” said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.

INDIA’S PREPAREDNESS TO ACHIEVE THEIR LIFE GOALS

The Life Goals Preparedness Index of Indians was 47 in 2023, indicative of their growing aspirations post Covid.

·         Indians are confident of achieving 1 in 2 Life Goals. For 48% of their Life Goals, they are unsure of achieving them

·         When it comes to financial planning of Life Goals, Indians feel that they have not done sufficient financial planning for 60% of their own Life Goals

o   61 per cent people feel that it is difficult to fulfil the dream of building their own house

o   67 per cent feel financial freedom in old age is tough to accomplis

o   58 per cent expressed that achieving financial security for their family is difficult

WHERE INDIANS PREFER TO INVEST TO ENABLE THEIR LIFE GOALS

Life Insurance is the most preferred investment option for 65% of the Life Goals.

·         For Retirement Life Goals, the preference for Life Insurance increase even further

o   82 per cent Indians prefer investing in Life Insurance for financial freedom at old age

o   77 per cent Indians prefer Life Insurance for a secure and carefree retirement

o   73 per cent Indians prefer Life Insurance for the financial security of their family – the most important Life Goal post-pandemic