Bajaj Allianz Life Insurance, one of the leading private life insurers, unveiled the Millennial Edition of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023. Millennials consider work-life balance, mental and physical well-being, and embarking on travel adventures as their top Life Goals. The survey also revealed that along with lifestyle goals, financial security for family and child education are also amongst Millennials’ top priorities.
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 is designed to provide insights into the goals of India’s vibrant Millennials amongst other respondent segments. The comprehensive study maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve these goals. The Millennial Edition of the survey underscores a significant shift among Millennials towards a transformative lifestyle with 85% of the Millennials in the survey increasing outlook towards work-life balance, health and travel related Life Goals. Furthermore, financial security for family and child education is amongst top 10 goals.
Notably, Millennials in the survey now have an average of 12 Life Goals, that has doubled as compared to five in 2019. This reflects a broadening scope of aspirations particularly among the millennial demographic.
TOP LIFE GOALS OF MILLENNIALS IN VARIOUS CATEGORIES
• 85% of Millennials aspire for work-life balance as their top Life Goals
• 70% Millennials opt for financial security for their family as their key Life Goal
• 58% of the respondents want a peaceful life – stands as one of the most important Life Goal
• 42% of Millennials have the desire for good work life balance
• 63% Millennials have physical and mental fitness as one of their top Life Goals which is a 2X increase as compared to 33% in 2019
o Being physically and mentally fit is among the top 10 Life Goals
• 2X increase in Millennials pursuing travel goals over 2019 – close to 55% have this as goal
• 46% of the respondents have chosen to spend quality time with family as one of the most important Life Goals
• More than 50% of Millennials say they need expert financial advice to achieve their Life Goals
o 59% require expert advice in higher education planning
o 48% require expert advice in children’s education
• Millennials do not have sufficient financial planning for 60% of their Life Goals
o 73% Millennials feel they have not done sufficient financial planning for retirement
o 58% Millennials do not have sufficient financial security for family’s financial security
• 46% Millennials feel lack of support in financial planning is a key barrier in achieving their life goals
• Life Insurance is the most preferred investment option for 65% of the Life Goals
“Millennials are driven by the aspirations of living a fulfilling work-life balance and holistic well-being. They are in the pursuit of achieving both these, along with multiple other Life Goals without feeling the need to sacrifice one for the other. While we find it encouraging that they recognize the significance of life insurance as a key tool to secure and accomplish their goals, it’s evident that, despite having a wealth of information at their disposal, they acknowledge inadequate long term financial planning towards achieving their multiple lifegoals. We believe our flexible and differentiated product solutions coupled with digital-centric easy experience offer a strong proposition to this cohort of Life Maximisers.” said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.
DRIVERS OF LIFE GOALS
• The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 for Millennials shows that in 2023, more than 1 in 2 Life Goals of Millennials are influenced by their immediate social circle, indicating a growing comfort in seeking advice. While they are increasingly turning to family, elders, and friends for guidance, social media and influencers maintain a strong following.
• Social media is amongst the top 3 influencers of Life Goals for Millennials
• 58% of Millennials are influenced by friends and family for their Life Goals
• 24% of Millennials are inspired by rising trends on social media sites in deciding Life Goals
• The importance of social media in fuelling new-age health, travel & lifestyle goals has got 2 folds
Kantar 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. Cities covered:
• North: New Delhi, Ludhiana and Bareilly
• East: Kolkata, Patna and Bhubaneswar
• West: Mumbai, Surat and Amravati
• South: Chennai, Bangalore, Madurai and Guntur
• Age group 22-55 years
• New Consumer Classification System (NCCS) A1+, A1, A2/A3 (20:50:30 ratio)
• Salaried and Businessman/Self-employed (50:50)
• Investment decision makers
Statistically valid insights were gathered through a quantitative approach to provide a holistic understanding of India’s Life Goals. The data collection was done using tablet-based face to face interviews. The survey data was collected in October 2022.