Post-pandemic, Indians make providing financial security for the family as top priority, Bajaj Allianz Life survey
Retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top Life Goals, finds the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023
Providing financial security for the family emerges as the top Life Goal for Indians post-
pandemic with 71% Indians prioritizing it over other goals.Retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top Life Goals, finds the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.
Where Indians prefer to invest
-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.
-82% Indians prefer investing in Life Insurance for financial freedom at old age
-77% Indians prefer Life Insurance for a secure and carefree retirement
– 73% Indians prefer Life Insurance for financial security of family – the most important
Life Goal post pandemic
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.
Top Life goals
71% of the respondents have financial security for their family as the most important Life Goal Post-covid,
-84% Indians have the desire for living a balanced life as compared to 51% in 2019,
-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% in 2019,
– Being physically and mentally fit is amongst the top 5 Life Goals for respondents,
-Health goals see a sharp increase in non-metro regions with a 33% points jump
200% 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 150 % jump over 2019,
-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
“ Post pandemic, the country has emerged stronger ,” said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.
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.
Kantar IMRB conducted the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 with 1936 people across 13 cities including metros, Tier 1 and emerging Tier 2 cities.