Women Have An Average Of 12 Life Goals, Up From 5 In 2019

Bajaj Allianz Life Insurance's Life Goals Preparedness Survey 2023: Work-Life Balance, Fitness, Property Ownership & Financial Security amongst Top Life Goals for Women

pic of Chandramohan Mehra

FinTech BizNews Service   

Mumbai, March 8, 2024: Bajaj Allianz Life Insurance, one of the leading private life insurers, revealed compelling insights from the Women Demographic of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023. The survey observed more than 2X increase in the average number of Life Goals of Indian Women across both metros and non-metros, slightly higher than men. An overwhelming 86% of respondents prioritized work-life balance, followed by children’s education, owning a dream home, health, fitness and travel goals. 

This specialized cohort edition, part of the broader Bajaj Allianz Life Insurance’s Life Goals Preparedness Survey 2023 mapped over 40 life goals across diverse demographics. It offers in-depth insights into how Indian women are navigating their paths towards realizing their aspirations amidst evolving societal norms and economic conditions.

The study revealed that providing financial security for family is the top life goal, with 71% women prioritizing it. The findings also state that 46% of women express uncertainty about realizing their life goals, an increase from 39% in 2019, suggesting a confidence gap that is wider than that observed in men. 49% of women seek detailed expert advice for financial planning. 

Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance, “The rise of “me” along with “we” lifegoals amongst the women segment, provides a broad direction for the BFSI ecosystem for meaningfully catering to the changing aspirations. Keeping this in mind, Bajaj Allianz Life has been curating relevant propositions for women segment including the women-centric variant for our flagship product or special pricing for term plans”.

TOP LIFE GOALS OF WOMEN IN VARIOUS CATEGORIES 

• Providing financial security for the family remains the # 1 life goal of Women in 2023
• Work-life balance, health and travel remain among the top 10 goals
• 62% of Women want to live a peaceful life and over 42% want to have a good work-life balance
• Personal fitness along with travel goals have gained significance in Women’s priority list
• To provide for children’s education – 3 in 5 Women have this Goal
• Dream Home – More than 1 in 2 Women have this Goal
• Physical and mental fitness is a Life Goal for close to 1 in 2 women in 2023
• More than 1 in 3 women want to pursue travel goals
• Life insurance is the most preferred investment option for 70% of the Life Goals
• 49% of women cite the need for expert financial advice 

RESEARCH DESIGN

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. Cities covered: 

• North: New Delhi, Ludhiana and Bareilly
• East: Kolkata, Patna and Bhubaneswar
• West: Mumbai, Surat and Amravati
• South: Chennai, Bangalore, Madurai and Guntur

Demographics include: 

• Age group 22-55 years
• New Consumer Classification System (NCCS) A1+, A1, A2/A3 (20:50:30 ratio)
• Salaried and Businessman/Self-employed (50:50)
• Investment decision-makers

Statistically valid insights were gathered through a quantitative approach to provide a holistic understanding of India’s Life Goals. The data collection was done using tablet-based face to face interviews. The survey data was collected in October 2022.