On the occasion of its 10th anniversary, BankBazaar launches the BankBazaar Aspiration Index. Read on to know all about it.
BankBazaar celebrated its 10th anniversary in July. As the co-founders of BankBazaar, Rati, Arjun and I had aspirations when we set out on our entrepreneurial journey. We realised that the path to fulfilled dreams is paved by access to financial products. Through BankBazaar, we’ve committed ourselves to helping people access the right financial products in order to fulfill their aspirations. Therefore, it’s also important to understand what the aspirations of Indians are. And what better time to do so than our 10th anniversary.
Today, we’re launching the BankBazaar Aspiration Index, which is our attempt to understand the aspirations of the millennials through the lens of personal finance. Our survey of Indian millennials both confirms some of our prior expectations and wasn’t without its fair share of surprises. Has access to information finally simplified finance? Are we really at the cusp of a revolution in the way financial products are consumed? The results of our survey below have some interesting answers.
Who Was Surveyed?
We surveyed 1551 men and women between the ages of 25 and 35 in 12 cities. They were salaried professionals earning at least Rs. 30,000 (among men in metros) and Rs. 20,000 in non-metros and among women. They had also done at least one online shopping transaction in the last month.
What Did We Ask Them?
Based on the Self-Determination Theory by Kasser & Ryan, we segmented life goals into six areas: wealth, health, relationships, fame, image and personal growth. We asked millennials three questions about their aspirations: (1) what is important to them, (2) how likely are they to achieve it, and (3) how ready they are today?
Here are some of the key findings of the study executed by KANTAR IMRB.
1. South Indians Are Most Aspirational
South Indian millennials scored 88.57 on the Aspiration Index, marginally higher than the national average of 87.43. North scored 87.71, followed by East at 86.57 and West at 86. Of the 12 cities, Chennai scored the highest at 88.86, followed Jaipur among the non-metros at 88.57.
Millennials ranked Wealth, Health, Fame, Relationship, Personal Growth, and Image in that order. Among Wealth goals, buying a home is the most important, with 69% ranking it as their biggest aspiration.
3. Millennials’ Approach To Money Management Is Encouraging
Busting all possible myths about how millennials manage (or mismanage) their money, it’s encouraging to see that 91% millennials saying they handle their finances themselves without leaving it to a member of their family, or a friend, or a relationship manager. Millennials are empowering themselves by making independent financial choices.
Beyond a doubt, the future continues to look promising. As these Indian millennials grow older and wiser, BankBazaar will continue to track and service their changing needs. Paperless banking will be the first step in this direction. The growling engine of change will never cease to hum.
BankBazaar is your one-stop shop for your personal finance needs! Visit our website to search, compare and apply for financial products in your city. Also download our app and explore some cool new features to help you stay on top of your money!
This article first appeared on LinkedIn.