Millennials consider work-life balance, mental and physical well-being, and embarking on travel adventures as their top Life Goals as per the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.
Bajaj Allianz Life Insurance’s Millennial Edition of 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 percent of the Millennials in the survey increasing their outlook towards work-life balance, health, and travel-related Life Goals. Furthermore, financial security for family and child education is amongst the top 10 goals.
Notably, Millennials in the survey now have an average of 12 Life Goals, which 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 percent of Millennials aspire for work-life balance as their top Life Goals
- 70 percent of Millennials opt for financial security for their family as their key Life Goal
- 58 percent of the respondents want a peaceful life – which stands as one of the most important Life Goals
- 42 percent of Millennials have the desire for a good work-life balance63 percent of Millennials have physical and mental fitness as one of their top Life Goals which is a 2X increase as compared to 33 percent in 2019
- Being physically and mentally fit is among the top 10 Life Goals2X increase in Millennials pursuing travel goals over 2019 – close to 55 percent have this as a goal
- 46 percent of the respondents have chosen to spend quality time with family as one of the most important Life Goals
- More than 50 percent of Millennials say they need expert financial advice to achieve their Life Goals
- 59 percent require expert advice in higher education planning
- 48 percent require expert advice in children’s education
- Millennials do not have sufficient financial planning for 60% of their Life Goals
- 73 percent of Millennials feel they have not done sufficient financial planning for retirement
- 58 percent of Millennials do not have sufficient financial security for their family’s financial security
- 46 percent of Millennials feel lack of support in financial planning is a key barrier to achieving their life goals
- Life Insurance is the most preferred investment option for 65 percent 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 toward achieving their multiple life goals. 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.
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.