In a survey, a large number of people in the age group of 22 to 45 years from 12 Indian cities have come out in the survey. In this, people do not want to spend money on their wedding, but buying a house is their biggest priority.
Having a home is considered a decent measure of a person’s financial success in India, providing a positive picture of his career growth and wealth. To buy a house, one has to take careful steps, which should usually start with starting a business.
The same thing has been revealed in the 2019 Aspiration Index Survey conducted by Kantar IMRB recently. This study clearly shows that Indians of every group surveyed consider buying a house as their greatest desire.
The survey studied more than 1,800 men and women aged 22 to 45 in 12 Indian cities, based on 6 main pillars of desire: health, wealth, fame, personal growth, relationships, and image. These wishes were further divided into 25 goals such as ‘buy a house’, ‘buy a luxurious car’, ‘constantly introduce oneself’, etc.
But, like last year, the 2019 survey has also revealed some surprising things. Last year’s survey focused on Millennials’ personal finance-related habits, but this year the group of respondents has grown and split into three groups: early jobbers (22 to 27 years), moneymooners (28 to 34 Years), and Wealth Warriors (35 to 45 years). Here are some main points of this survey.
Biggest Motivation – Own Your Own Home
This year, the biggest priority for Indians remains to buy a house. In the Aspiration Index, the ‘buy your own home’ target score was 92.1. While for Early Jobbers, the score was 90.8, but for Moneymooners, the score was 92.5 and for Wealth Warriors 93.1. For each group of people, this was either the most important goal or the second most important goal.
Least favorite: Shaadi Shaadi with your own money
costs a lot in India. Early jobbers – people who are around 22 to 27 years old – think of them as spending their money quickly. However, the survey reveals something else. Early jobbers save 40% of their monthly income, which is slightly higher than the wealth warriors’ savings (37%) and the national average of 38%.
In addition, they prefer to spend on things they need, such as spending their own money on a grand wedding. The Aspiration Index score was 76.2, the lowest of any goal, in terms of spending one’s own money on a luxurious wedding.
Health remains a priority but gaps in its maintenance
while the majority of respondents give highest priority to health desires but still have the highest aspiration-readiness gap. This means that I have a desire for something, but due to lack of preparation to complete it, there is less chance of completing it.
We all value health, but to maintain a healthy lifestyle, it is also necessary to take steps towards fulfilling health related goals. For Early Jobbers, the health wishes score on the index was 86.9, 87.4 for Moneymooners and 87.4 for Wealth Warriors. The aspiration-readiness gap was higher with increasing age, scoring 3 points for early jobbers and 4.5 points for wealth warriors.
Small city does not mean small desires.
This survey revealed a shocking result, India’s B-cities have surpassed big cities like Chennai in terms of wishes. While the Aspiration Index for the whole of India was 86.9, the score for non-metro cities was 87.4 as compared to 86.6 for metro cities.
Last year, the all-India aspiration index was 86.9. Among the 12 cities surveyed for aspiration index, Bhubaneswar had the highest index score of 90, followed by Indore and Hyderabad with 89 scores. This shows that smaller cities now have better opportunities because start-ups and tech companies are now setting foot here.
Wealth Warrior women have the most desires.
In the aspiration index, men are, overall, ahead of women. There are very small gaps in men’s scores ie 87 and women scores 86.3. Increasing career choices and changing social norms are helping more and more women, especially with increasing age, to have more and more desires.
This survey shows that there has been a significant increase in the wishes of women women warriors, which has now reached 87.9. This simply means that women over the age of 35 have the highest wishes than any group.
In the end, buying a house remains the greatest desire, but respondents consider their family responsibilities and excessive expenses of living to be the biggest obstacle in the way of fulfilling their wishes.
(Adil Shetty, CEO, BankBazaar.com)
(Disclaimer: This article is written for informational purposes only. It should not be considered as investment related, financial or other advice. You must take the help of a financial advisor before taking any decision.)