Eighty-five per cent of millennials rank work-life balance as their top life goal; in comparison, 70 per cent want financial security for their families, according to Bajaj Allianz Life Insurance’s Life Goals Preparedness Survey 2023. Mental and physical fitness and travel were also high on their priority list, while life insurance was their most preferred investment option to achieve life goals.
The Bajaj Allianz Life Insurance survey sought to provide insights into the aspirations and life goals of millennials and other respondent segments. According to its press release, the study mapped over 40 life goals and evaluated how the participants prepared to achieve them.
The survey “underscores a significant shift among millennials towards a transformative lifestyle”, with 85 per cent increasing their outlook towards work-life balance, health and travel-related life goals, it said. Financial security for family and child education were among the top 10 goals.
Millennials now have an average of 12 life goals compared to five in 2019, reflecting “a broadening scope of aspirations, particularly among the millennial demographic,” it added.
Fifty-eight per cent of the respondents want a peaceful life, one of the most important life goals, while 42 per cent of millennials desire a “good work-life balance”.
In addition, 63 per cent of millennials ranked physical and mental fitness as one of their top goals compared to 33 per cent in 2019. Also, physical and mental fitness was among the top 10 goals. Fifty-five per cent of the respondents also listed travelling as one of their ultimate life goals.
Forty-six per cent of the respondents want to spend quality time with family, and more than 50 per cent of millennials said they need expert financial advice to achieve their life goals. Interestingly, 59 per cent also said they require expert advice in higher education planning.
Chandramohan Mehra, chief marketing officer of Bajaj Allianz Life Insurance, in a press release, said. “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.”
He added that “despite having a wealth of information at their disposal, they acknowledge inadequate long-term financial planning towards achieving their multiple life goals.” For instance, the survey showed millennials do not have sufficient financial planning for 60 per cent of their life goals. In addition, 73 per cent of millennials feel they have not done enough financial planning for retirement, and 58 per cent do not have sufficient financial security for their family.
The survey showed more than 1 in 2 life goals were influenced by the millennials’ immediate social circle, like family members, elders, friends, social media, etc. Social media is among the top
three influencers of life goals for millennials; 58 per cent are influenced by friends and family, and social media trends inspire 24 per cent.
The survey involved 1,936 people in the age group of 22-55 across 13 cities, including metros, Tier 1 and Tier 2 cities, like Delhi, Ludhiana, Bareilly, Kolkata, Patna, Bhubaneswar, Mumbai, Surat, Chennai, and Bengaluru.