India Markets open in 6 hrs 2 mins

Retirement-related life goals becoming a priority among millennials in India: Survey

Priyadarshini Maji
retirement planning, millennials, retirement mistakes, 10 retirement mistakes, retirement mistakes to avoid, worst retirement mistakes, retirement calculator, Retirement fund, income tax, tax deductions, deduction on home loan principal repayment, deduction on home loan interest payment, eligibility to get home loan, home buying, 80C deductions, stamp duty, home loan interest rate, interest on home loan, home loan EMI

The country is currently focusing on unconventional life goals, such as entrepreneurship, travel, health, and fitness, according to the Bajaj Allianz Life Preparedness survey 2019, based on India s Life Goals. This comprehensive study was conducted by Kantar IMRB, along with Bajaj Allianz Life Insurance, and was brought in to identify the life goals, aspirations of India and how Indians are preparing to get them done.

As per the survey, Bajaj Allianz Life India s Life Goals Preparedness Index is 53. The Preparedness Survey 2019 was conducted on a total people of 1681, who were met and interviewed, across 13 metros, from Tier 1 and emerging Tier 2 cities. The Preparedness Index across India, age groups and geographies stood in the 22-55 range.

Though the conventional goals of owning a house, spending time with family and having financial freedom after retirement are part of the top objectives of the survey, other emerging aspirations indicated that Indians are also serious about work-life balance.

According to the survey, more than 40 per cent of women in the survey have health and fitness goals and one in three aspire to travel to new and exotic locations. Commenting on the survey, Tarun Chugh, CEO, Bajaj Allianz Life Insurance, said, Travel is becoming a mainstream goal with one in four Indians wanting to travel abroad. One in three Indians is talking about fitness and health as a goal. Women are also turning out to be more oriented towards travel and health than men.

A few of the unconventional findings of the survey are as under:

  • The new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks.
  • Retirement-related life goals are becoming a priority, especially amongst Indian millennials. For instance, 2 in 5 Indians have retirement-related life goals; more so in metros, where every 1 in 2 people has a retirement-related life goal.
  • Amongst Indian millennials, retirement-related life goals feature in the top 5 life goals, and 42 per cent millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth.
  • 1 in 3 respondents cited a focus on health and fitness as a life goal. 1 in 3 Indians have a health or fitness related life goal, and being physically and mentally fit was amongst the top 10 life goals of Indians.
  • Travel is also catching-up as a part of the mainstream culture. 1 in 4 respondents wants to travel abroad or travel to new exotic locations.

 

  • 1 in 2 respondents seeks a balanced life, which straddles work-life balance, reliving a passion and leading a peaceful life.
  • Philanthropy is a new-age life goal that emerged as well, clearly showcasing that Indians are keen on creating social impact. 1 in 5 respondents said one of their life goals is the need to give back to society. Philanthropic avenues included providing employment opportunities, support another s a dream or imparting knowledge through teaching.