Pandemic impact: Boosting retirement corpus, buying additional insurance high on list of must-haves

Shaken by the impact of the pandemic on their lives, participants quizzed for the Bankbazaar Aspiration Index (BAI) 2021 chose relationships and health as top priority. The index attempts to understand the aspirations of respondents from a personal finance perspective.

The BAI has moved up marginally since last year

The five aspirations tracked were

Wealth not most important goal

Roadblocks to fulfilment

Attaining aspirations has become tougher
The pandemic has widened the gap between the importance attributed to a goal and the chances of its attainment. The highest gaps are in the Wealth aspiration (6.7), followed by Health (5.4). Wealth shows high levels of importance but low levels of readiness.

Focus on Future

• Deferred goals: Goals from last year that were delayed due to the pandemic, such as buying a house, travelling, and starting a business of their own, are among the top goals.
• Future-proofing goals: Increased caution has pushed up boosting retirement funds and buying additional insurance high on the list of must-haves.
• Personal goals: Bigger focus on nutrition and fi tness are tempered with the desire to win social and professional success.

Source: BankBazaar Aspiration Index 2021. The study covered 1,704 respondents.