Private insurer Bajaj Allianz Life Insurance on March 5, 2024, showed a 30 per cent surge in women pursuing career-related goals compared to women in CY 2019. While 55 per cent of women in 2019 focused on career-related goals, 73 per cent of respondents are focusing on the same in 2023. The findings are from its Life Goals Preparedness Survey 2023 which surveyed 417 female participants aged 22-55 years from metros to emerging Tier 2 cities. The survey found a twofold jump in the average number of life goals of Indian women across regions, slightly higher than that of men, a release from the insurer said. The average life goals are now 12 up from 5 in 2019.
Key Findings
Work-life balance emerged as the top priority for 86 per cent of respondents. The study revealed that providing financial security for the family is the next top life goal, with 71 per cent of women prioritising it.
This was followed by children’s education, owning a dream home, health, fitness, and travel goals.
The findings also state that 54 per cent of women said that their life goals are difficult to achieve, an increase from 39 per cent in 2019, suggesting a confidence gap that is wider than that observed in men. Most women found expanding their business the most challenging goal followed by buying a property. The dream home is a goal pursued by more than 1 in 2 women. The dream of travelling is a goal pursued by more than 1 in 3 women. The goal of providing for children's education is a goal pursued by 3 out of 5 women.
Further, the survey found that 49 per cent of women sought detailed expert advice for financial planning, with 55 per cent needing expert guidance for planning child education and close to 60 per cent for their retirement planning.
Regarding investment preferences of women, life insurance emerged as the most favoured option, i.e. for 70 per cent of life goals, followed by bank fixed deposits at 47 per cent, the insurer claimed..
