Work-life balance, fitness & financial security are millennials life goal says report

New Delhi, (IANSlife) Millennials consider work-life balance, mental and physical well-being, and embarking on travel adventures as their top Life Goals as per the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.

Bajaj Allianz Life Insurance's Millennial Edition of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 is designed to provide insights into the goals of India’s vibrant Millennials amongst other respondent segments.

The comprehensive study maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve these goals. The Millennial Edition of the survey underscores a significant shift among Millennials towards a transformative lifestyle with 85 percent of the Millennials in the survey increasing their outlook towards work-life balance, health, and travel-related Life Goals. Furthermore, financial security for family and child education is amongst the top 10 goals.

Notably, Millennials in the survey now have an average of 12 Life Goals, which has doubled as compared to five in 2019. This reflects a broadening scope of aspirations particularly among the millennial demographic.

Top life goals of millennials in various categories:

85 percent of Millennials aspire for work-life balance as their top Life Goals70 percent of Millennials opt for financial security for their family as their key Life Goal58 percent of the respondents want a peaceful life – which stands as one of the most important Life Goals42 percent of Millennials have the desire for a good work-life balance63 percent of Millennials have physical and mental fitness as one of their top Life Goals which is a 2X increase as compared to 33 percent in 2019Being physically and mentally fit is among the top 10 Life Goals2X increase in Millennials pursuing travel goals over 2019 - close to 55 percent have this as a goal46 percent of the respondents have chosen to spend quality time with family as one of the most important Life GoalsMore than 50 percent of Millennials say they need expert financial advice to achieve their Life Goals59 percent require expert advice in higher education planning48 percent require expert advice in children’s educationMillennials do not have sufficient financial planning for 60% of their Life Goals73 percent of Millennials feel they have not done sufficient financial planning for retirement58 percent of Millennials do not have sufficient financial security for their family’s financial security46 percent of Millennials feel lack of support in financial planning is a key barrier to achieving their life goalsLife Insurance is the most preferred investment option for 65 percent of the Life Goals

"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. While we find it encouraging that they recognize the significance of life insurance as a key tool to secure and accomplish their goals, it’s evident that, despite having a wealth of information at their disposal, they acknowledge inadequate long-term financial planning toward achieving their multiple life goals. We believe our flexible and differentiated product solutions coupled with digital-centric easy experience offer a strong proposition to this cohort of Life Maximisers." said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.

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 Work-life balance, fitness & financial security are millennials life goal says report | MorungExpress | morungexpress.com

Read More........→August 15, 2024

Extroverts lead happier lives: study

The study was conducted by Dr Catharine Gale from the Medical Research Council Young adults, who are more outgoing or more emotionally stable, are happier in later life than their introverted or less emotionally stable peers, according to a new study. UK researchers examined the effects of neuroticism and extraversion at ages 16 and 26 years on mental wellbeing and life satisfaction at the age of 60 to 64. They found that personality dispositions by the time of early adulthood have an enduring influence on well-being decades later. The study was conducted by Dr Catharine Gale from the Medical Research Council's Lifecourse Epidemiology Unit, University of Southampton and a team from the University of Edinburgh and University College London. "Few studies have examined the long-term influence of personality traits in youth on happiness and life satisfaction later in life," Gale said. "We found that extroversion in youth had direct, positive effects on well being and life satisfaction in later life. Neuroticism, in contrast, had a negative impact, largely because it tends to make people more susceptible to feelings of anxiety and depression and to physical health problems," Gale added. The study examined data on 4,583 people who are members of the National Survey for Health and Development, conducted by the Medical Research Council. All were born in 1946; they completed a short personality inventory at age 16, and again at age 26. Extroversion was assessed by questions about their sociability, energy, and activity orientation. Neuroticism was assessed by questions about their emotional stability, mood, and distractibility. Decades later, when the participants were 60 to 64-years-old, 2,529 of them answered a series of questions measuring well-being and their level of satisfaction with life. They also reported on their mental and physical health. The study found that greater extroversion, as assessed in young adulthood, was directly associated with higher scores for well-being and for satisfaction with life. Neuroticism, in contrast, predicted poorer levels of well being, but it did so indirectly. People higher in neuroticism as young adults were more susceptible to psychological distress later in life and to a lesser extent, poorer physical health. "Understanding what determines how happy people feel in later life is of particular interest because there is good evidence that happier people tend to live longer," Gale said. "In this study we found that levels of neuroticism and extraversion measured over 40 years earlier were strongly predictive of well-being and life satisfaction in older men and women. Personality in youth appears to have an enduring influence on happiness decades later," Gale said. Source: Article, Image: flickr.com

Read More........→May 20, 2014