More Indians are focusing on their lifegoals than before, finds study

Providing financial security for the family has emerged as the top life goal for Indians post-pandemic, with 71 per cent Indians prioritising it over other goals. Retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top life goals, as per the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.

New focus areas like career growth, travelling abroad and ensuring adequate care for ageing parents also emerged as important life goals for Indians. Moreover, the average number of goals increased from 5 in 2019 to 11 in 2023. The study maps over 40 goals and evaluates how Indians are preparing themselves to achieve these goals.

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 more and more Indians aspire for a better life, especially post-pandemic.

“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 in New Delhi.

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.  

“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realisation 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.

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 per cent of their life goals, they are unsure of achieving them. When it comes to financial planning, Indians feel that they have not done sufficient financial planning for 60 per cent of their own life goals.
 

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