Goals of Millennials are changing

The change in lifestyle and increase in revenue are changing the goals of millennials. Social media and movies are also influencing their goals. The survey of Bajaj Allianz Life Insurance Co. Ltd. has revealed this.

The survey report titled ‘India’s Life Goals Preparedness Survey’ indicated that one in five goals is inspired by social media sites.

These goals include travelling abroad and focusing on health and fitness.

Interestingly, movies are also playing a crucial role in influencing the millennials. Goals like owning a high-end car or upgrading to the latest one are inspired by movies.

The impact of external factors like news, social media, movies or books is increasing the goals of the millennials.

At the same time, retirement planning and owning a house continue to be influenced by family and friends.

The retirement goals are in the top five for 42 per cent millennials in the country as per the survey report.

However, financial planners have a different opinion on this.

Some of them say that most millennials save less than 10 per cent of their income and they do not think further than their next purchase.

While other financial planners are saying that most of the millennials actually do not know how much money they require for their retirement and youngsters who save money also are investing in wrong instruments that do not have flexibility. This will do more harm than good in the end.

The surveys that were conducted in five metros and eight non-metros among the work profiles revealed several interesting things.

The goals of earning women have a significantly higher inclination towards travel and health and fitness compared to men. One in three women has travel-related goals, whereas two in five have goals related to health and fitness.

Nearly 50 per cent of women want to have a balanced life.

One in every 10 Indians has a philanthropy-related goal as per the survey.

Most people preferred life insurance as their investment option for 60 per cent of the life goals due to the vast reach of the insurers.

Bank deposits and mutual funds are in the next two places.

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