Health Matters More than Wealth in India: BankBazaar Aspiration Index Report
BankBazaar, India’s leading online financial services marketplace, launched the second edition of the award-winning BankBazaar Aspiration Index. The study uses quantitative research covering 1800 plus salaried men and women across 12 cities. Executed by KANTAR IMRB, the BankBazaar Aspiration Index 2019 attempts to understand the life goals of Indians from a personal finance perspective. The last edition analysed millennials between the ages of 25 and 35. This year, it has been expanded to include the core working population between the ages of 22 and 45. The life goals were arranged in six categories - Wealth, Fame, Image, Relationships, Personal Growth, and Health.
The national Aspiration Index stands at a high of 86.9, indicating that Indians are, in general, clear about their aspirations as well as their preparedness to achieve them. Health (83.9) and Relationship (82.6) replaced last year’s topper, Wealth (87.5) as India’s top-most aspiration. Nevertheless, the desire to own their own home is the single most important goal even this year with an Aspiration Index of 92.1.
The surprising element, however, was the clear lead of Eastern India over the rest of the country. With a score of 87.9, East is way ahead of South, West, and North India at 86.9, 86.8, and 86.1 respectively. With an Aspiration Index of 90, Bhubaneshwar tops the index. Even among the metros, Kolkata, with an Aspiration Index of 87 was in the second place after Hyderabad (89). This dominance of the East indicates the inflow of opportunities due to the rising start-up culture and tech companies expanding their presence in the region.
Analysis of the data made it apparent that the aspirations and the preparedness to fulfil them varied with age, enough to be able to categorise respondents into three distinct cohorts. BankBazaar classifies these as Early Jobbers (ages 22 to 27), Moneymooners (28-34), and Wealth Warriors (35-45). For the Early Jobbers, Image (87.1) is the most important aspiration. However, for the slightly older Moneymooners, Wealth (88.1) is the greatest priority. The Wealth Warriors look at Relationship (89) goals as the most important. Aspirations increased with age, and Wealth Warrior women were the most aspirational group of all.
Speaking on the occasion of the Index launch, Aparna Mahesh, Chief Marketing Officer, BankBazaar, said, “The BankBazaar Aspiration Index 2019 came with a wealth of insights. One key insight was the was the clear lead of the non-metros (87.4) over the metros (86.9), with non-metros scoring higher than even the national index (86.9). The emergence of three distinct personas with unique stories and clear insights into its aspirations and money habits was another one. The emergence of these cohorts presents us with an interesting opportunity to understand their financial habits and help them access the right financial products and services using the BankBazaar platform.”
The study also throws light on the roadblocks to achieving those aspirations. For instance, 39 percent of Early Jobbers cited high cost of living as the main factor slowing down the attainment of their Image goals. When it comes to fulfilling their Wealth aspiration, 42 percent of Moneymooners picked family responsibilities and constraints as among the main barriers towards their goals, followed by high cost of living (34 percent)and limited savings (33 percent). Among Wealth Warriors, 38 percent named family constraints or responsibilities and high cost of living as the top two barriers for achieving their Relationship and Health goals.
Some of the key highlights from the India’s first Aspiration Index are as follows:
- East India has the highest Aspiration Index with 87.9 followed by South and West with 86.8, and North India with 86.1.
- Amongst all the metros surveyed, Hyderabad tops on aspiration (89) closely followed by Kolkata (87). Further, metro cities stood at 86.6 and Non-metro cities are at 87.4.
- Among the non-metros, Bhubaneswar was at the top of the index with an Aspiration Index of 90. Indore at 89 and Jaipur at 87 were the other big winners.
- The Aspirational Index of Wealth Warriors stood at 87.2, higher than Moneymooners at 87 and Early Jobbers at 86.2.
- Aspiration on Health (87.7) and Relationship (87.7) are the highest contributors followed by Wealth (87.5).
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