Private life insurer Bajaj Allianz Life Insurance has launched the Millennial Edition of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023. As per the survey, over 85 pc of millennial respondents consider work-life balance, mental and physical well-being, and embarking on travel adventures as their top Life Goals. It also revealed that along with lifestyle goals, financial security for family and child education are among millennials’ top priorities.
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 is designed to provide insights into the goals of millennials among other respondent segments. The study maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve them.
Notably, millennials in the survey now have an average of 12 Life Goals, which has doubled as compared with five in 2019. This reflects a broadening scope of aspirations.
Top findings of the survey:
- 85 pc of millennials aspire for work-life balance as their top Life Goals
- 70 pc millennials opt for financial security for their family as their key Life Goal
- 58 pc respondents want a peaceful life – it is one of the most important Life Goal
- 63 pc millennials have physical and mental fitness as one of their top Life Goals, 2X increase as compared to 33 pc in 2019
- Being physically and mentally fit is among the top 10 Life Goals
- 2X increase in millennials pursuing travel goals over 2019
- 46 pc of the respondents chose to spend quality time with family as one of the most important Life Goals
- More than 50 pc millennials say they need expert financial advice
- 59 pc require expert advice in higher education planning
- 48 pc require expert advice in children’s education
- Millennials do not have sufficient financial planning for 60 pc of their Life Goals
- 73 pc millennials feel they have not done sufficient financial planning for retirement
- 58 pc millennials do not have sufficient financial security
- Life Insurance is most preferred investment option for 65 pc 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 recognise 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.
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