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Financial security of family tops life goal of 74% people in South India

The Bajaj Allianz Life India's Life Goals Preparedness Survey 2023 identifies the life Goals and aspirations of Indians

south india | Financial planning | Indian family

BS Reporter  |  Chennai 

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Around 74 per cent of the people in have financial security for their family as the most important life goal, said a survey by leading private life insurer Bajaj Allianz Life Insurance on Thursday.

The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 identifies the life goals and aspirations of Indians. The survey captures a comprehensive overview of South India’s life objectives, aspirations, motivators, and readiness to pursue these goals. It charts more than 40 life goals and assesses how they are working towards achieving these goals.

"Financial security of family emerged as the top life goal, with 74 per cent of the respondents from the southern parts of the country prioritizing it over other goals," it said. In fact, Chennai saw about 76 per cent of the respondents choosing financial security of their families as their top life goal. Leading a healthy and fit lifestyle, contributing to community and society through charity, and retirement planning continue to feature among the top life goals as per the survey. Interestingly, Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 also finds that there is over a two-fold increase in number of life goals for Indians. Life Goals of Indians has increased from five in 2019 to 11 in 2023.

About 30 per cent Indians in South want to "Retire Rich by growing wealth". For Chennai, this number goes up to 43 per cent. Health and fitness goals have increased by 73 per cent in South. The survey added that one in two South Indians have a goal of being physically and mentally fit, and it emerges amongst the top 5 life goals for the respondents. In Chennai, this is more than twofold.

"In Chennai, travel goals have increased by 2.3X where 55% respondents have travel goals. In Bangalore, travel goals increase to 59 per cent," it added. Philanthropy also saw a big increase, as a Life Goal, post Covid-19. Charity goals increase by 61 per cent in South, led by Chennai with a 173 per cent increase over pre-pandemic period. About one in three people in the south are looking to contribute towards creating a social impact

"The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and live a holistic life encompassing self-care, family-security, and societal-wellbeing surfaces across cohorts of socio-economic profile. Further, the survey underlines a key finding that Life Insurance continues to be a reliable anchor and enabler to India’s Life Goals," said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance

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. In the south, cities covered were Chennai, Bangalore, Madurai and Guntur, and the sample size stood at 609.

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First Published: Thu, March 16 2023. 20:21 IST