61% people feel that the dream of owning a home is difficult to come true
Financial security for family becomes India’s top life goal after pandemic, finds a new survey
Providing financial security for the family has emerged as the top life goal for Indians post the pandemic, with 71% Indians prioritizing it over other goals.
Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 found that retirement planning, leading a balanced lifestyle and providing for children’s education are among the top life goals.
The survey, conducted in collaboration with Kantar, found that new focus areas such as career growth, traveling abroad and ensuring adequate care for aging parents are also emerging as important life goals for Indians.
The average number of goals increased from 5 in 2019 to 11 in 2023.
The Life Goal Preparedness Index, which is a measure of confidence, knowledge and action taken towards financial planning for one’s life goals, was at 47 as Indians aspire to have more life goals post-pandemic.
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Where Indians prefer to invest to meet their life goals
- Life insurance is the most preferred investment option for 65% of life goals.
- For retirement life goals, the priority of life insurance increases even more
- 82% Indians prefer to invest in life insurance for financial independence in old age
- 77% Indians prefer life insurance for a secure and secure retirement
- 73% Indians prefer life insurance for family’s financial security, most important life goal post pandemic
When it comes to financial planning for life goals, Indians feel that they haven’t done enough financial planning for 60% of their own life goals.
- 61% people feel that the dream of owning a home is difficult to come true
- 67% believe that old age is difficult to achieve financial independence
- 58% expressed that it is difficult for their family to obtain financial security.
Top Life Goals in Categories
- 71% of respondents have financial security for their family as the most important life goal
- Post COVID, 84% Indians desire to lead a balanced life, compared to 51% in 2019
- 1 in 2 Indians say living a balanced life is their priority life goal
- 2 out of 3 Indians have more than 35% health and fitness goals in 2019
- Being physically and mentally fit is one of the top 5 life goals for respondents
- Non-metro areas see sharp increase in health goals with jump of 33 percentage points
- 2X growth in Indians pursuing travel goals in 2019, especially among metros and young consumers
- 8 out of 10 Indians in the salaried or business segment have career-related life goals, a 1.5x jump in 2019
- Pursuing higher education is a life goal for 1 in 4 Indians
- Ensuring adequate care for aging parents is a priority life goal for 40% of respondents
- Philanthropy continues to be a new age life goal, be it providing employment opportunities, supporting the dreams of others or imparting knowledge through teaching.
- 1.6X increase in Indians willing to contribute towards creating a social impact
“It is interesting to see that India’s goals are a mix of fulfilling important goals like securing their family financially and living a balanced life as well as aspiring to do more in one life. Post the pandemic, the country has emerged stronger and our fundamentals to progress as a nation have left many behind, which I believe has fueled the country’s aspirations,” said Tarun Chugh, MD & CEO , said Bajaj Allianz Life Insurance.
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The survey was conducted with 1936 people across 13 cities including metro, tier 1 and emerging tier 2 cities including New Delhi, Ludhiana, Bareilly, Kolkata, Patna, Bhubaneswar, Mumbai, Surat, Amaravati, Chennai, Bangalore, Madurai and Guntur. The data was collected in October 2022.
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