As many as 71 per cent respondents in multiple Indian cities told a survey financial security of their families is their most important life goal.
Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 was carried out by Kantar IMRB among 1,936 respondents. The survey was done in New Delhi, Ludhiana and Bareilly in the north; Kolkata, Patna and Bhubaneswar in the east; Mumbai, Surat and Amravati in the West; Chennai, Bangalore, Madurai and Guntur in South India.
As many as 82 per cent respondents invest in life insurance for financial freedom in their old age. Life insurance is the most preferred investment option for 65 per cent respondents.
The survey found that social media sites and influencers are popular in shaping opinion, as reliance on family, elders and friends for advice continues to increase.
The survey found that career growth, travelling abroad and caring for ageing parents are other important life goals for Indians. The average number of goals increased from 5 in 2019 to 11 in 2023.
Ensuring adequate care for aged parents is a priority life goal for 40 per cent of the respondents.
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“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. This reflects the strong tenets of the growth economy of India, and the increasing confidence amongst Indians,” said Tarun Chugh, managing director and chief executive officer of Bajaj Allianz Life Insurance in Delhi.