Millennials life goals: Work-life-balance, fitness, travel, financial security, and more

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Insurance. The survey also shed light upon the financial habits of the population of this age group. It was found that more than 50% of millennials say they need expert financial advice to achieve their life goals.

The survey trend signals the rising need of financial advisers for planning future goals related to education, retirement, and even traveling. According to the survey, 59% of the respondents require expert advice in higher education planning. 48% of them require expert advice in children’s education.

There is a considerable amount of concern related to retirement among millennials. That's why 73% of them believes that they have not done sufficient financial planning for their retirement. Moreover, 58% of them are of the view that they don't have sufficient funds for their family's financial security.

Despite a range of alternative investment options available in current times, life insurance is the most preferred investment option for fulfilling 65% of life goals, said the report. Acknowledging the consistent interest in life insurance, Chandramohan Mehra said that a maximum number of respondents have admitted that their long-term plans and financial planning are inadequate to fulfill their multiple life goals. The report said that millennials in the survey have an average of 12 Life Goals, which has doubled as compared to five in 2019.

One of the main factors influencing millennials' life goals is their immediate social circle. They are increasingly turning to family, elders, and friends for guidance, and social media and influencers maintain a strong following, highlighted the report. Social media is one of the top three influencing factors for respondents to decide their life goals.