Let’s take a look at how BankBazaar attempts to understand the aspirations of millennials from a Personal Finance perspective.
On the occasion of its 10th anniversary, BankBazaar, India’s leading online financial services marketplace, launched the BankBazaar Aspiration Index in July 2018. The second edition of the award-winning BankBazaar Aspiration Index, conducted with Kantar IMRB, was launched recently and covers over 1800 respondents aged 22-45, across 12 cities.
Like last year’s edition, this edition too attempts to understand the aspirations of the core working population of India through the lens of Personal Finance. The respondents shared several life goals, which were segmented into 6 broad areas – Wealth, Health, Fame, Relationships, 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?
3) How ready they are today?
Here are a few interesting takeaways from the BankBazaar Aspiration Index 2019:
- Emergence of three distinct groups of Personal Finance audience : Early Jobbers (age: 22 to 27), Moneymooners (age: 28-34), and Wealth Warriors (age: 35-45). Each of these cohorts is unique in terms of their aspirations and approach to life.
- The report shows that the overall Aspiration Index for India is 86.9 – which is just marginally lower than last year’s 87.4.
- Health has emerged as the most important goal for Indians, followed by Relationships and Wealth.
- East India showed a higher Aspiration Index and edges out the South from the top position.
- Non-metros are remarkably ahead of metros, with a higher Aspiration Index, this year. The top two cities in terms of Aspiration are Bhubaneswar and Indore.
- Overall, women are slightly below men on the index. However, women in the age group 35-45 have shown the highest Aspiration Index score of all groups.
- While Wealth may have come down in terms of overall importance – owning a home is still the most important goal.
The 2019 study also came with a wealth of insights on the roadblocks to achieving those aspirations. For instance, 39% of Early Jobbers cited the high cost of living as the primary factor slowing down the attainment of their Image goals. In terms of fulfilling their Wealth aspiration, 42% of Moneymooners mentioned family responsibilities and constraints among the main barriers towards their goals, followed by high cost of living (34%) and limited savings (33%). In addition, 38% Wealth Warriors named family constraints or responsibilities and high cost of living as the top two barriers for achieving their Relationship and Health goals.
This goes to show that millennials are empowering themselves by making independent financial choices. The study indicates that more Indians are now clear about their aspirations and are determined to achieve them.
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