We bring to you the seventh edition of BankBazaar’s Aspiration Index®, the largest study of India’s aspirations through the lens of personal finance.
The Index captures the importance Indians assign to an aspiration, how confident they are of its fulfilment, and what their current readiness for fulfilment is. A higher Index represents greater aspirations.
The Aspiration Index studies salaried men and women between the ages of 22 and 45 across 17 goals under five broad aspirations: Health, Wealth, Fame, Relationship, and Personal Growth.
This year, the news, like the RBI’s new policy stance, is neutral: it’s neither good nor bad. The All-India Index moved to 85.5, up 20 basis points over 2023.
The rise, albeit a negligible one, indicates that Indians are eager to put the last half a decade of uncertainty and volatile growth behind them and are looking at their aspirations in the eye. Aspirations like lavish weddings are making a comeback, and a premium lifestyle is becoming a common demand.
As in the past, women continue to bolster the index. This is a seven-year long data point that puts it in black and white that unless you have more women participating in the workforce, the economy isn’t growing anywhere.
Policymakers and industry must develop concrete plans to encourage more women to not just join the workforce but stay and thrive.
Lastly, to nobody’s surprise, three aspirations have retained their top three spots: mental health, investing for children’s education, and homeownership.
We hope the insights in this report will help you in understanding India’s aspirations better.