Financial security for family India’s top life goal post-pandemic, finds study

Retirement planning, leading a balanced lifestyle, and providing for children’s education continued to feature among the top Life Goals, according to the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.

New focus areas like career growth, travelling abroad and ensuring adequate care for aging parents also surfaced as important Life Goals for Indians.

Interestingly, the average number of goals increased from 5 in 2019 to 11 in 2023.

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.

Post-covid, 84% Indians showed the desire for living a balanced life as compared to 51% in 2019, said the study.

There was a 2X increase in Indians pursuing travel goals over 2019, particularly in metros and among younger consumers

A total of 8 in 10 Indians across salaried or business segment have career related Life Goals, a 1.5X jump over 2019 while 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

The study found that there was 1.6X increase in Indians looking to contribute towards creating a social impact

The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 revealed 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 continued to increase.

The study found that 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% of their Life Goals, they are unsure of achieving them

When it comes to financial planning of life goals, Indians feel that they have not done sufficient financial planning for 60% of their own life goals

As many as 61% people feel that it is difficult to fulfil the dream of building their own house while 67% feel financial freedom for old age is tough to accomplish

A chunk of respondents, 58% of them, expressed that achieving financial security for their family is difficult.

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

A whopping 82% Indians prefer investing in Life Insurance for financial freedom at old age and a significant 77% Indians prefer Life Insurance for a secure and carefree retirement

As many as 73% Indians prefer Life Insurance for financial security of their family – the most important life goal post-pandemic.

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 among people in the ages ranging 22-55 years. The cities included in the survey were New Delhi, Ludhiana, Bareilly, Kolkata, Patna, Bhubaneswar, Mumbai, Surat, Amravati, Chennai, Bangalore, Madurai and Guntur.