The Life Goals of Indian Millennials: Work-Life Balance, Travel, FitnessJune 27, 2019 11:05
From being the owner of a big house and getting a secure government job, to abroad travel and work-life balance, the young Indians’ aspirations are being influenced by movies, social media, celebrities, and news, according to a recent survey by the Mumbai-based consultancy firm Kantar IMRB.
“The impact of movies is 50 percent higher on millennials,” said Chandramohan Mehra, chief marketing officer at Bajaj Allianz Life Insurance.
Conducted across 13 metros, tier 1, and merging tier 2 cities, the study, commissioned by Bajaj Allianz Life Insurance assessed up to 1,681 respondents of various socio-economic bands, age groups, and professions.
Too Little Prepared to Accomplish Goals
“The entire financial ecosystem has a great role to play given the fact that while Indians are optimistic, they are inadequately prepared to accomplish the majority of their life goals,” Mehra said.
Around 38 percent of respondents are unsure of achieving their targets. Actually, people in metro cities are more or less sure of oneself than those in non-metros, according to the survey. In general, respondents feel they haven’t done enough financial planning.
Top Goals of Indians
Entrepreneurship: One in 10 Indians have an inclination to begin something new or pursue a parallel career.
Comfortable retirement: This is turning out to be a prime concern among millennials, with two out of five Indians focused on it. In metro cities, the ratio is higher with one in two paying attention to it.
Health and fitness: One in three respondents is aiming at this as a life goal.
Travel and better work-life balance: One in four respondents wish to travel overseas or to new foreign locations. One in two seeks work-life balance, pursuing their passions and living a tranquil life.
Philanthropy: Indians are passionate about creating social impact, according to the survey. One in five respondents wants to give back to society. Avenues included creating jobs, contributing to another person’s ambition, or teaching.
“The insights indicate how life goals are evolving, and millennials are opting for unconventional life goals,” said Tarun Chugh, managing director, and chief executive officer of Bajaj Allianz Life Insurance. “Furthermore, it’s interesting to note, that women are driving some of these new-age life goals like travel, health, and fitness.”
Women’s Inclination Towards Unconventional Life Goals
Women have a notably higher inclination towards health, travel, and fitness compared to men, according to the study.
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Traditional Goals Still on Mind
The survey revealed that some conventional goals like paying for children’s higher studies or buying a home remain on India’s mind. These traditional goals are for the most part influenced by social circles and family.
For new-age goals like lifestyle and travel, pop culture and social media are the driving factors.
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