Providing for the family’s financial security has risen to the top ‘Life Goal’ for Indians in the wake of the pandemic, revealed a survey from Bajaj Allianz Life Insurance. Retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top life goals.
The second edition of the Life Goals Preparedness Survey 2023, which was released on Thursday, surveyed 1,936 people in 13 cities, including metros, Tier 1 and emerging Tier 2 cities, learnt about their life goals, aspirations, influencers, and readiness to achieve these goals. The study identified over 40 life goals and assessed how Indians are preparing to achieve these goals.
The survey showed that new focus areas like career growth, travelling abroad and ensuring adequate care for ageing parents are also emerging. “Interestingly, the average number of goals increased from 5 in 2019 to 11 in 2023,” it added. (ALSO READ: ‘The new tax regime still won’t benefit many’)
Top findings from the survey
1) 71% of the respondents have financial security for their family as the most important life goal
2) Post-covid, 84% Indians have the desire for living a balanced life as compared to 51% in 2019
3) 1 in 2 Indians say living a balanced life is their priority life goal
4) 2 in 3 Indians have health and fitness goals up from 35% in 2019
5) Health goals see a sharp increase in non-metro regions with a 33% points jump
6) 8 in 10 Indians across salaried or business segments have career-related life goals, a 1.5X jump over 2019
8) Philanthropy sustained as a new-age life goal, including avenues like providing employment opportunities, supporting other’s dreams or imparting knowledge through teaching
9) Social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advice continues to increase.
10) Life Insurance is the most preferred investment option for 65% of life goals.
11) 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.
Tarun Chugh, MD & CEO at Bajaj Allianz Life Insurance said that the recent changes in the personal tax regime announced in the Union budget 2023 will affect the investment and insurance sector.
When asked by the Hindustan Times if a company should be cautious when designing a product based on Covid perception, given that the Covid boom is winding down, there are mass layoffs, and people are returning to their pre-pandemic lifestyle. He agreed that the situation is fluid and that the industry requires feedback from such surveys at regular intervals.
On the Adani-Hindenburg row and its impact on public sector insurance companies, he declined to elaborate. “People’s trust in LIC remains intact,” he told HT.