Ensuring financial security for families has emerged as the top goal for Indians in the wake of the Covid-19 pandemic, a Bajaj Allianz Life Insurance survey has found. In 2019, the top goal for Indians was to provide for their children’s education.
An overwhelming 71 percent said financial security ranks as their top priority, ahead of other goals, the private life insurer’s report said.
It also showed that Indians’ life goals preparedness index stands at 47 — meaning, 47 percent had the knowledge and confidence to take action to achieve their life goals through financial planning.
The second edition of the company’s flagship survey, which started in 2019, polled 1,936 people across 13 cities, including metro, Tier-1 and emerging Tier-2 cities.
Work-life balance, travel and philanthropy among top life goals
The average number of goals that Indians have set for themselves has gone up, too.
With hybrid work models in place now, an increasing number of Indians also desire a balanced life. This number has risen to 84 percent in the recent survey from 51 percent in 2019.
Young people value unconventional life goals over traditional ones. This change in work models has also given rise to increased travel pursuits among these young consumers, as they can now work from anywhere — be it the hills, the beach or the woods. This has led to a two-fold increase over 2019 in Indians pursuing travel goals, particularly in metros.
Being physically and mentally fit now figures among the top five life goals for respondents of the survey, with two out of three Indians saying they have health and fitness goals, up from 35 percent in 2019.
Philanthropy has sustained as a new-age life goal, too, including avenues such as providing employment opportunities, supporting other people’s dreams, or imparting knowledge through teaching. The number of Indians looking to contribute towards social impact causes has gone up from 19 percent to 32 percent.
Social media influencers
The life goals preparedness survey reveals that the average number of influencers in youngsters’ lives increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers figure among the top three influencers of life goals for Indians.
While the pandemic has brought about a sea change in the way people view their lives, goals such as health, travel and lifestyle have been largely fuelled by social media.
Indians’ goal preparedness
The Life Goals Preparedness Index devised by the company now stands at 47, which indicates growing aspirations among Indians after the pandemic experience. The Indian population is confident of achieving one in two life goals, while there is a question mark over the remaining 48 percent’s level of preparedness.
This is because Indians feel they have not done sufficient financial planning for 60 percent of their own life goals. Nearly 61 percent feel that it is difficult to fulfil the dream of building their own house, as real estate prices have surged in most metro cities. With savings and investments taking a hit in the wake of the pandemic and luxury spending inching up, 67 percent of people feel that it is difficult to achieve financial freedom.
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