Work-Life Balance, Fitness, Property Ownership & Financial Security amongst Top Life Goals for Women

PUNE: 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 a 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 toward realizing their aspirations amidst evolving societal norms and economic conditions.

The study revealed that providing financial security for the family is the top life goal, with 71% of 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 the 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

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

The post Women Now Have An Average Of 12 Life Goals; Up From 5 In 2019! appeared first on NRI News.

INDIA: Intelligent power management company Eaton (NYSE: ETN) released its 2022 Sustainability Report. The report features the company’s substantial progress toward its 2030 sustainability goals.

Eaton’s 2022 report showcases more transparency and reporting rigor than ever before, including the company’s forward-thinking approach to climate-related risks and opportunities, through its Task Force on Climate-related Financial Disclosures (TCFD) section, embedded directly into the report.

The report shows that Eaton is ahead or on pace to meet several of its targets, including:

• Carbon emissions: Reduced GHG emissions by 27% in its operations since 2018 through increased energy efficiency, energy conservation, and shifts to renewable energy.
• Sustainable solutions: Solutions that enable electrification, energy transition, electric grid resilience, increase efficiency in ground and air transportation, or improve air quality represented 71% of the company’s net sales in 2022, up from 65% in 2021.
• Sustainable investments: Invested $900 million in research and development for sustainable solutions since 2020, up from $528 million in 2021.
• Water: Certified 8% of manufacturing sites as zero water discharge, focusing on sites in water-stressed areas.
• Waste: Certified 75% of manufacturing sites as zero waste to landfill, moving the company closer to its goal to certify 100% by 2030.
• Employee development: Met company employee training hours goal.

Full results can be seen on the company’s 2022 Sustainability Dashboard.

“At Eaton, we embrace the tremendous responsibility we have to act now to address climate change,” said Craig Arnold, chairman and chief executive officer, of Eaton. “We continue to push forward in our journey to pursue our bold environmental, social, and governance goals—and we’re making significant progress.”

“Our 2022 Sustainability Report describes in more detail than ever how we’re helping the world decarbonize electricity and optimize energy usage,” said Harold Jones, chief sustainability officer and executive vice president, of Eaton Business System, Eaton. “It’s critical we keep our momentum strong to reach our targets and make good on our mission to improve the quality of life and the environment.”

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NEW DELHI: Leading private life insurer, Bajaj Allianz Life Insurance today unveiled the second edition of its flagship survey Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, which identifies the Life Goals and aspirations of Indians. It is designed to capture a complete picture of India’s Life Goals, aspirations, influencers, and readiness toward achieving these goals. The comprehensive study maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve these goals.

Providing financial security for the family emerges as the top Life Goal for Indians post-pandemic with 71% of Indians prioritizing it over other goals. Retirement planning, leading a balanced lifestyle, and providing for children’s education continues to feature among the top Life Goals, finds the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023. New focus areas like career growth, traveling abroad, and ensuring adequate care for aging parents are also emerging as important Life Goals for Indians. Interestingly, the average number of goals increased from 5 in 2019 to 11 in 2023.

The life Goals Preparedness Index, which is a function of confidence, knowledge, and action taken towards financial planning for one’s Life Goals, stood at 47 as Indians aspire for more Life Goals post the pandemic.

INDIA’S TOP LIFE GOALS ACROSS CATEGORIES

• 71% of the respondents have financial security for their family as the most important Life Goal
• Post-covid, 84% of Indians have the desire for living a balanced life as compared to 51% in 2019
• 1 in 2 Indians say living a balanced life is their priority Life Goal
• 2 in 3 Indians have health and fitness goals up from 35% in 2019
• Being physically and mentally fit is among the top 5 Life Goals for respondents
• Health goals see a sharp increase in non-metro regions with a 33% points jump
• 2X increase in Indians pursuing travel goals over 2019, particularly in metros and among younger consumers
• 8 in 10 Indians across salaried or business segments have career-related Life Goals, a 1.5X jump over 2019
• Pursuing higher education is a Life Goal for 1 in 4 Indians
• Ensuring adequate care for aged parents is a priority Life Goal for 40% of the respondents
• Philanthropy is sustained as a new-age Life Goal, including avenues like providing employment opportunities, supporting other’s dreams or imparting knowledge through teaching
• 1.6X Increase in Indians looking to contribute towards creating a social impact

“It’s interesting to observe that India’s goals are a mix of accomplishing important goals like financially securing their family and leading a balanced life, along with having an aspiration to do more in one life. This reflects the strong tenets of the growth economy of India, and the increasing confidence amongst Indians. Post-pandemic, the country has emerged stronger and our fundamentals to progress as a nation has outshone many, which I believe has fueled the aspirations of the nation,” said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance at the unveiling of India’s Life Goals Preparedness Survey 2.0, here in New Delhi.

DRIVERS OF LIFE GOALS

The Bajaj Allianz Life India’s Life Goals Preparedness Survey2023 reveals that the average number of influencers increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders, and friends for advice continues to increase. 

• Social media is amongst the top 3 influencers of Life Goals for Indians
• Over 2X increase in the importance of social media in fueling new-age health, travel & lifestyle goals
• The rising influence of social media amongst non-millennials in deciding Life Goals

“The pandemic has certainly shaped our outlook towards life, career, health, and family. A deep realization about wanting to do more and living a holistic life encompassing self-care, family security, and societal-wellbeing surfaces across cohorts of socio-economic profiles. 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.

INDIA’S PREPAREDNESS TO ACHIEVE THEIR LIFE GOALS

The Life Goals Preparedness Index of Indians was 47 in 2023, indicative of their growing aspirations post Covid.

• Indians are confident of achieving 1 in 2 Life Goals. For 48% of their Life Goals, they are unsure of achieving them
• When it comes to financial planning of Life Goals, Indians feel that they have not done sufficient financial planning for 60% of their own Life Goals
  • 61% of people feel that it is difficult to fulfill the dream of building their own house67% feel financial freedom in old age is tough to accomplish
• 58% expressed that achieving financial security for their family is difficult

WHERE INDIANS PREFER TO INVEST TO ENABLE THEIR LIFE GOALS

• Life Insurance is the most preferred investment option for 65% of Life Goals.

• For Retirement Life Goals, the preference for Life Insurance increases even further82% of Indians prefer investing in Life Insurance for financial freedom at old age77% of
• Indians prefer Life Insurance for a secure and carefree retirement
• 73% of Indians prefer Life Insurance for the financial security of their family – the most important Life Goal post-pandemic

RESEARCH DESIGN

Kantar IMRB 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.

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