Pursuing a well-defined goal is imperative to achieve success, happiness and a sense of satisfaction. And when it comes to setting life goals, Indians are found to be profoundly aspirational, at least this is what a recent survey —India’s Life Goals Preparedness Survey 2023 — shows.
This survey carried out by Bajaj Allianz Life highlights the aspirational mindset of Indians across cities, gender, age group and socio-economic status.
One of the key observations of the survey was that the number of life goals has increased sharply. In 2019, the average number of life goals per person was 5, and it has now increased to 11.
Also, health and fitness play a significant role with 65 percent calling it a key life goal against 35 percent in 2019.
Retirement life goals have also taken a precedence with 71 percent nurturing retirement related goals in 2023 against 35 percent in 2019.
There has been a surge in the proportion of people wanting to pursue travel goals too. In 2019, 28 percent Indians had travel goals while in 2023, it has risen to 52 percent.
“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. Post pandemic, the country has emerged stronger and our fundamentals to progress as a nation have outshone many, which I believe has fuelled the aspirations of the nation,” says Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.
There are a number of key inferences drawn from the survey. First and foremost, providing financial security for family emerged as the number one life goal for 71 percent of Indians.
This was followed by other life goals such as leading a peaceful life, buying a property, providing for children’s education, spending quality time with family, becoming physically and mentally fit, so on and so forth.
There has been considerable increase in the life goals across categories. Among several things, there was a two times increase in the significance of social media in fuelling new age health, travel and lifestyle goals.
In order to achieve these life goals, life insurance policy is seen as the most preferred investment option for 65 percent, shows the survey.
The survey also indicates that 40 percent prefer mutual funds and 28 percent prefer gold and other precious metals.
Lack of financial planning
It is important to note that despite being overly aspirational, Indians do not generally carry out proper financial planning for achieving their life goals.
Only 40 percent of respondents said that they have already done sufficient amount of financial planning while the remaining 60 percent said they have not.
As a result, preparedness index of India life goals is 47 in 2023, a drop from 53 last year, the survey shows.
A total of 1,936 people were surveyed across India including metros, non-metros from different age, gender and income groups, says a Bajaj Allianz spokesperson.