With its diversity – age groups, geographies, socioeconomic segments, what do we know about the Life Goals of Indians? In a first of its kind survey, Bajaj Allianz Life commissioned an in-depth and comprehensive research to understand the life goals of Indians. What influences them, what do they feel are the barriers to get their Life Goals done? Here are some insights from the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019.
Emergence of Unconventional Life Goals
Indian’s are not content with having just one goal. One of the key findings of this survey was that, on average, people are looking to achieve 5 goals across their lifetime. Indians living in Metro cities are also more likely to have more aspirations as opposed to their non-metro counterparts. However, across genders and age groups, the number of targets people want to achieve are the same.
Even though conventional goals like ‘Paying For Child’s Education’, ‘Buying/Owning A Home’, are still a priority there are several new-age, unconventional Life Goals that are emerging. These aspirations that are driven by millennials are more individualistic – young India wants to focus on their Health & Fitness, Foreign Travel and are even more inclined to becoming entrepreneurs or beginning a parallel career.
1 in 10 Indians want to start their own venture while 2 in 5 Indians had retirement-related aspirations.
Women led the charge when it came to goals related to life enrichment such as leading a healthier life, mental and physical fitness, and foreign travel.
What influences India’s Life Goals?
Bajaj Allianz Life India’s Life Goals Preparedness Survey took a comprehensive look into the inspiration behind the goals. Some exciting insights include:
While your family, mentors, and elders are influencers behind the conventional goals, unconventional goals such as helping the society, providing employment to others, are inspired by books, social media, and films.
Millennials, it says, are more likely to be inspired by social media and movies as compared to non-millennials.
Indian Confidence and Life Goal Barriers
Optimism defines India! As per the survey, Indians are very optimistic about achieving their Life Goals. However, these same respondents, when asked about their preparedness to achieve the goals, admitted that they were not aware of the financial instruments that could help them get these life goals done.
The biggest barriers to achieving these goals as per the respondents is a lack of financial planning, and a lack of time.
Financial Planning and Investments
To achieve long term life goals (5+ years) the leading financial instrument that Indians were confident in investing was Life Insurance for almost 60% of the life goals. Bank fixed deposits were also a preferred option for investment as a tool to save and accumulate money for their Life Goals achievement.
India’s Life Goals Preparedness Index
For the first time ever, India now has a Life Goals Preparedness Index. India on an average has a Life Goals Preparedness Index of 53.
Based on the exhaustive Bajaj Allianz Life India’s Life Goals Preparedness Survey, Indians were given a score to depict their Life Goal ready-ness. A Life Goals Preparedness Index was calculated based on the confidence, knowledge, and the action taken towards financial planning for their Life Goals.
You know India’s Life Goal Preparedness Score, what's yours?