Providing Financial Security to the family Higher for South India as compared to rest of India, finds Life Goals Preparedness Survey 2023 by Bajaj Allianz Life
Leading private life insurer, Bajaj Allianz Life Insurance today unveiled the South India specific findings of its flagship research Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, which identifies the Life Goals and aspirations of Indians. The survey captures a comprehensive overview of South India’s life objectives, aspirations, motivators, and readiness to pursue these goals. It charts more than 40 life goals and assesses how they are working towards achieving these goals.
Financial Security of family emerged as the top Life Goal with 74% of the respondents from the southern parts of the country prioritizing it over other goals. In fact, Chennai saw about 76% of the respondents choosing financial security of family as their top Life Goal. Leading a healthy and fit lifestyle, contributing towards community and society through charity and retirement planning continue to feature among the top Life Goals as per the survey. Interestingly, Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 also finds that there is over 2X increase in number of Life Goals for Indians. Life Goals of Indians has increased from 5 in 2019 to 11 in 2023.
SOUTH INDIA’S TOP LIFE GOALS ACROSS CATEGORIES
· 74% of the respondents have financial security for their family as the most important Life Goal
· About 30% Indians in South want to “Retire Rich by growing wealth”. For Chennai, this number goes up to 43%
· Health and Fitness Goals have increased by 73% in South
o 1 in 2 South Indians have a goal of being physically and mentally fit, and it emerges amongst the top 5 Life Goals for the respondents
§ In Chennai, this increase is more than 2X
· In Chennai, travel goals have increased by 2.3X where 55% respondents have travel goals. In Bangalore, travel goals increase to 59%
· Philanthropy saw a big increase, as a Life Goal, post Covid-19
o Charity goals increase by 61% in South, led by Chennai with a 173% increase over pre-pandemic period
o 1 in 3 people in the south are looking to contribute towards creating a social impact
“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and live a holistic life encompassing self-care, family-security, and societal-wellbeing surfaces across cohorts of socio-economic profile. Further, the survey underlines a key finding that Life Insurance continues to be a reliable anchor and enabler to India’s Life Goals,” said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance at the unveiling of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, here in Chennai.
DRIVERS OF LIFE GOALS
The Bajaj Allianz Life India’s Life Goals Preparedness Survey2023 reveals that the average number of influencers increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advice continues to increase.
· Social media is amongst the top 3 influencers of Life Goals for Indians
o Over 2X increase in importance of social media in fuelling new age health, travel & lifestyle goals
SOUTH INDIA’S PREPAREDNESS TO ACHIEVE THEIR LIFE GOALS
The Life Goals Preparedness Index of the sample studied in the south stood at 41 in 2023, as compared to India’s 47. Life Goals Preparedness Index is a function of confidence, knowledge and action taken towards financial planning for one’s Life Goals.
· For 52% of their Life Goals, South Indians are unsure of achieving them
· When it comes to financial planning of Life Goals, in south, people believe 65% of Life Goals lack sufficient financial planning.
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. In the south, cities covered were Chennai, Bangalore, Madurai and Guntur, and the sample size stood at 609