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Leading private life insurer, Bajaj Allianz Life, today, unveiled India’s first ever comprehensive study on the country’s life goals. India’s Life Goals Preparedness Survey 2019 is the company’s first flagship survey to identify the life goals, aspirations of India, and how Indians are preparing to get them done.
In the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 over 150 life goals were mapped. It’s noted that Indians have multiple life goals with an average of 5 life goals per person. Kolkatians have an average of three life goals as compared to six in other metros. What stands out in these goals is how seriously Indians are considering unconventional life goals. Some of the new-age life goals that emerged include entrepreneurship, focus on health & fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’, amongst others.
Bajaj Allianz Life India’s Life Goals Preparedness Index is 53. This is a function of confidence, knowledge and most importantly action taken towards financial planning for their Life Goals. The Preparedness Index across India, age groups and geographies stood in the 50s range.
A rising life goal of Indians is being anentrepreneur, where 1 in every 10 Indian wants to start something new or pursue a parallel career. Clearly highlighting that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks. Retirement related life goals are becoming a priority, especially amongst Indian millennials. 2 in 5 Indians have retirement related life goals; more so in metros, where every 1 in 2 people has a retirement related life goal. Amongst Indian millennials, retirement related life goals features in the top 5 life goals, and 42% millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth. One in three respondents cited focus onhealth and fitness as a life goal. 1 in 3 Indians have a health or fitness related life goal.
Speaking at the unveiling of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “Having embarked on the journey to become life goal enablers, the scientific and in-depth findings will play an essential role in our business strategy. The insights from the first of its kind survey clearly indicate how life goals are evolving, and are different in each zone. We have observed some distinct trends from South India and millennials around the unconventional goals. Furthermore, it’s interesting to note women driving some of these new-age life goals like travel, health and fitness.”
He added, “I’m confident that our survey will prove beneficial and valuable for many more brands who are looking at understanding the life goals of India.”
An interesting finding of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 is how the very definition of life goals is undergoing a vital shift, and it is no longer viewed from the spectrum of the earlier generation. While in general Indians are looking to enrich their life, women are largely driving this outlook. Today, women are setting life goals that enable them to have a well-balanced life.
Women have significantly higher inclination towards travel, health and fitness compared to their male counterparts. 34% women have travel goals as against 27% of male respondents. 1 in 3 women have travel-related life goals. 2 out of 5 women are prioritising health and fitness as a life goal. 1 out of every 2 women are looking to live a well-balanced life.
While there is a clear and strong trend of the unconventional life goals that new-age Indians want to pursue, certain conventional goalscontinue to remain on India’s mind, as was revealed in the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019. These include children’s education, buying a house, or owing a high-end / luxury car. The survey reveals that these conventional goals are typically influenced by family and social circles.
50% said life goals decision making is inspired by friends and family. In Kolkata this number increased to 60%. 33% said elders influence their life goals choices. In Kolkata this number increased to 40%.
“The survey highlights an increasing prominence towards “me” life goals while “we” life goals remain intact. So we are seeing child education being the priority, however, life goals related to entrepreneurship, travel, fitness and health are becoming significant for Indians, across socio-economic and geography profiles. Interestingly, social media, movies, news and celebrities are influencing the new age or “me” life goals, and the impact of movies is 50% higher on millennials”, said, Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.
He added, “The entire financial ecosystem has a great role to play given the fact that while Indians are optimistic, they are inadequately prepared to accomplish majority of their life goals.”
Amongst the unconventional life goals like travel and lifestyle goals, social media and pop culture are fuelling these goals. Nearly 1 in 5 life goals are inspired by social media sites. 19% are inspired by a book they have read. 18% are influenced by social media, 13% by a movie and news that they may have watched. Travel goals are typically inspired by books, social media, movies. News sites influence decision making towards old age. Movies typically influence the car purchasing or upgrading decisions. The influence of social media on life goals is around 20% higher for millennials than non-millennials. Similarly, the influence of movies is 50% higher for millennials than non-millennials
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the life goals driving Indians, their aspirations, their influencers, their preparedness and how they are working towards achieving these goals. While Indians are dreaming big, they are unsure of achieving 38% of their life goals. Interestingly, metros are more under-confident than non-metros. Metros cite 48% goals as ‘unsure of achieving’, as against 29% in non-metros.
The study was conducted in detailed Qualitative and Quantitative phases. Here, insights were gathered through the qualitative probes and to provide a holistic understanding of India’s life goals statistically valid results were obtained from the quantitative survey. The qualitative phase was conducted through face-to-face in-depth interviews, interactions over whatsapp, and interesting mix of projective techniques were used to get the participants to articulate their life goals. Tools such as Mind Mapping, Picture Association, Provocation and Day Dreams were leveraged. In the quantitative phase, tab-based face-to-face interviews were conducted.