Indian women set an average of 12 life goals, finds Bajaj Allianz Life Survey

Hyderabad: Bajaj Allianz Life Insurance unveiled insights from their Life Goals Preparedness Survey 2023, highlighting a significant shift in the aspirations of Indian women. The survey, which observed a substantial increase in life goals compared to 2019, showcased an average of 12 life goals per woman, up from 5 previously.

The survey, conducted by Kantar across 13 cities, including metros and emerging Tier 2 cities, involved 1936 participants. It revealed that 86% of women emphasized work-life balance as a top priority, followed by children's education, owning a dream home, health, fitness, and travel goals.

Financial security for the family emerged as the primary life goal for 71% of women. However, the survey also noted an increase in uncertainty, with 46% expressing doubts about realizing their life goals, up from 39% in 2019. Seeking expert financial advice was cited by 49% of women.

Chandramohan Mehra, Chief Marketing Officer at Bajaj Allianz Life Insurance, commented on the evolving aspirations, noting that women are increasingly focusing on both personal and familial goals. He highlighted Bajaj Allianz Life's efforts to cater to these changing aspirations, including specialized products for women and tailored financial planning solutions.

Key Insights:

• Providing financial security for the family remains the top life goal for women in 2023.

• Work-life balance, health, and travel are among the top 10 goals.

• Over 62% of women aim for a peaceful life, while 42% prioritize work-life balance.

• Personal fitness and travel goals have gained significance.

• Education for children is a goal for 3 in 5 women.

• More than half of women aspire to own their dream home.

• Physical and mental fitness is a goal for close to 50% of women.

• Travel goals are desired by over 1 in 3 women.

• Life insurance is the most preferred investment option for 70% of life goals.

• Nearly half of women seek expert financial advice.

Bajaj Allianz Life Insurance, a partnership between Bajaj Finserv Limited and Allianz SE, continues to offer innovative insurance products and services. With a customer base of over 4.30 crore, a wide distribution network, and robust asset management, the company is dedicated to helping individuals achieve their life goals.

RESEARCH DESIGN

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. Cities covered:

· North: New Delhi, Ludhiana and Bareilly

· East: Kolkata, Patna and Bhubaneswar

· West: Mumbai, Surat and Amravati

· South: Chennai, Bangalore, Madurai and Guntur

Demographics include:

· Age group 22-55 years

· New Consumer Classification System (NCCS) A1+, A1, A2/A3 (20:50:30 ratio)

· Salaried and Businessman/Self-employed (50:50)

· Investment decision-makers

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.