The Women Demographic of the Bajaj Allianz Life India's Life Goals Preparedness Survey 2023 research from Bajaj Allianz Life Insurance found that, on average, Indian women have more life goals than men do, both in metros and non-metros. This rise is more than two times more than that of males. Work-life balance was ranked first by an overwhelming 86% of respondents, then children's education, dream home ownership, fitness, and travel as top priorities.
According to the report, 71% of women prioritize ensuring financial security for their families as their main life objective. Additionally, according to the research, 46% of women are unsure about achieving their life goals, up from 39% in 2019. This suggests that women lack the same level of confidence as men do. 49% of women go to professionals for in-depth financial planning assistance.
Part of the larger Bajaj Allianz Life Insurance Life Goals Preparedness Survey 2023, this specialized cohort edition mapped over 40 life goals across a range of demographics. It provides in-depth insights on how Indian women are negotiating changing social mores and financial circumstances on their way to achieving their goals.
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 the women segment, including the women-centric variant for our flagship product or special pricing for term plans”.
Top aspirations for women across a range of categories:
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Travel, health, and work-life balance continue to be among the top ten objectives.
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More than 42% of women desire a healthy work-life balance, and 62% of women wish to live quiet lives.
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Goals for travel and personal fitness have become more important to women.
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Providing for their children's education is the aim of 3 out of 5 moms.
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Dream House: Over 50% of Women Aspire to Have One
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In 2023, nearly one in two women will list physical and mental fitness as a life goal.
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Over one-third of women wish to pursue travel objectives.
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For 70% of life goals, life insurance is the most popular financial option.
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49% of women cite the need for expert financial advice
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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.
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Cities covered: North: New Delhi, Ludhiana and Bareilly; East: Kolkata, Patna and Bhubaneswar; West: Mumbai, Surat and Amravati; South: Chennai, Bangalore, Madurai and Guntur.
As per the report, statistically valid insights were gathered through a quantitative approach to provide a holistic understanding of India’s Life Goals. The survey data was gathered in October 2022 and the data gathering method was tablet-based in-person interviews.
