Work-life balance, financial security top goals for millennials: Survey

The Bajaj Allianz Life survey revealed that 85 per cent of millennials prioritise work-life balance, while 70 per cent seek financial security for their families

Amid the debate over Infosys founder NR Narayana Murthy's call for youngsters to work 70 hours a week, a survey has found that millennials aspire to achieve work-life balance as their top life goal, followed by financial security for their family and children's education.

The Bajaj Allianz Life India's Life Goals Preparedness Survey 2023 revealed that 85 per cent of millennials prioritise work-life balance, while 70 per cent seek financial security for their families. Mental and physical fitness, as well as travel goals, have also gained importance in millennials' priorities. Additionally, only 65 per cent of them prefer life insurance as their top investment choice for achieving life goals.

The Bajaj Allianz Life India Survey included 1,936 individuals across 13 cities, encompassing major metros, Tier 1 cities, and emerging Tier 2 cities. The participants fell within the age group of 22-55 years and comprised both salaried individuals and business owners/self-employed individuals in a 50:50 ratio.

"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.

What do millennials aspire to achieve in life?

According to the data provided by the Bajaj Allianz Life India's Life Goals Preparedness Survey 2023: 

1. 85 per cent of millennials aspire to achieve work-life balance as their primary life goal.
2. 70 per cent of millennials prioritise financial security for their families as their key life goal.
3. 58 per cent of respondents desire a peaceful life, which ranks as one of the most important life goals.
4. 42 per cent of millennials seek good work-life balance.
5. 63 per cent of millennials prioritise physical and mental fitness as one of their top life goals, representing a two-fold increase compared to 2019. Being physically and mentally fit is among the top 10 life goals.
6. There is a twofold increase in millennials pursuing travel goals since 2019, with close to 55 per cent having this goal.
7. 46 per cent of respondents aim to spend quality time with their families as one of the most important life goals.
8. More than 50 per cent of millennials express the need for expert financial advice to achieve their life goals.
9. 59 per cent require expert advice in higher education planning, and 48 per cent need expert advice in children's education.
10. For 60 per cent of their life goals, millennials lack sufficient financial planning.
11. 73 per cent of millennials feel they have not done sufficient financial planning for retirement, and 58 per cent lack sufficient financial security for their family's financial well-being.
12. 46 per cent of millennials consider the lack of support in financial planning as a key barrier to achieving their life goals.
13. Life insurance is the most preferred investment option for 65 per cent of their life goals.

What is driving life goals for Millennials?

The survey revealed that in 2023, over half of millennials' life goals are influenced by their immediate social circle, indicating a growing comfort in seeking advice from family, elders, and friends. 

Social media and influencers also hold a strong presence, with social media ranking among the top three influencers of Millennials' life goals. 

Approximately 58 per cent of millennials are influenced by friends and family, while 24 per cent are inspired by emerging trends on social media platforms when setting their life goals. The significance of social media in driving contemporary health, travel, and lifestyle aspirations has doubled, according to the survey report. 

Infosys founder NR Narayana Murthy in a podcast with TV Mohandas Pai called for youngsters to work 70 hours a week. The remarks sparked a controversy on social media.

“India’s work productivity is one of the lowest in the world. Our youngsters must say: ‘This is my country, I want to work 70 hours a week. They are the ones that can build the country with gusto,” said Murthy.