BackMillennials life goals: Work-life-balance, fitness, travel, financial security, and more
Bajaj Allianz's survey shows that 50% of Indian millennials need financial advice to fulfill their life goals, with work-life balance and financial security being their top prioritiesMillennials
PremiumWork-life balance, financial security, fitness, and traveling come on top of the list of life goals of millennials. Interestingly, 50% of Indian millennials need financial advice to fulfill their life goals, according to Bajaj Allianz's latest survey.
The survey revealed that 85% of millennials aspire to work-life balance as their top life goal. 70% of the millennials included in the survey want financial security for their family. The survey also highlighted their inclination towards work for their mental and physical fitness and pursue their travel 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," said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.
The survey also shed light upon the financial habits of the population of this age group. It was found that more than 50% of millennials say they need expert financial advice to achieve their life goals. The survey trend signals the rising need of financial advisers for planning future goals related to education, retirement, and even traveling.
According to the survey, 59% of the respondents require expert advice in higher education planning. 48% of them require expert advice in children’s education. There is a considerable amount of concern related to retirement among millennials. That's why 73% of them believes that they have not done sufficient financial planning for their retirement. Moreover, 58% of them are of the view that they don't have sufficient funds for their family's financial security.
Life insurance continues to remain popular among millennials, says survey
Despite a range of alternative investment options available in current times, life insurance is the most preferred investment option for fulfilling 65% of life goals, said the report.
Acknowledging the consistent interest in life insurance, Chandramohan Mehra said that a maximum number of respondents have admitted that their long-term plans and financial planning are inadequate to fulfill their multiple life goals.
The report said that millennials in the survey have an average of 12 Life Goals, which has doubled as compared to five in 2019.
One of the main factors influencing millennials' life goals is their immediate social circle. They are increasingly turning to family, elders, and friends for guidance, and social media and influencers maintain a strong following, highlighted the report. Social media is one of the top three influencing factors for respondents to decide their life goals. 58% of millennials are influenced by friends and family. Whereas, 24% of respondents are inspired by rising trends on social media sites in deciding on Life Goals
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 was prepared using inputs from 1936 people of the age group 22-55 years. These respondents come from cities like New Delhi, Ludhiana, Bareilly, Kolkata, Patna, Mumbai, Surat, Chennai, Bangalore, Madurai, etc.
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