We’re pleased to bring to you the fourth edition of BankBazaar’s Aspiration Index®, the largest study of India’s aspirations through the lens of personal finance.
Just like in 2020, this year’s study has captured the economic pains caused by the pandemic. The all-India Aspiration Index® for 2021 is 84.4, up marginally from the all-time low of 79.9 in 2020. The Index remains subdued compared to the 2019 (86.9) and 2018 (87.4) levels.
The Index captures the importance Indians assign to an aspiration, how confident they are of its fulfilment, and what their current readiness for fulfilment is. Therefore, a subdued Index represents subdued aspirations.
Of the five aspirations the study tracks, Health and Wealth have held high ranks earlier, trailed by Relationship, Personal Growth, and Fame. The Aspiration Index® won’t be the last study of India’s economic challenges through the pandemic. However, this year’s study stunned us with an insight into India’s non-material aspirations.
In a year where nobody is untouched by the pandemic, India told us in clear terms that its No. 1 aspiration now is Relationship. Separated from our loved ones, sometimes by distance, sometimes by death, we now crave community—something we’d taken for granted in the pre-Covid world.
This edition will also deep dive into financial sufferings and roadblocks through the pandemics. But there is a silver lining too: which is learning what’s truly important to oneself in a global crisis. Hopefully, these lessons will not be forgotten as India cautiously steps out of the second wave.
Here are some of the findings of BankBazaar’s Aspiration Index ® 2021:
The national Aspiration Index® stands at a subdued 84.4 as Indian working class tries to recover from the economic and emotional onslaught of the pandemic. Interestingly, it has also been driven primarily by non-materialistic aspirations.
Bangalore emerged as the most aspirational city unseating last year’s topper, Mumbai. While Mumbai scored highest on Relationships, Bangalore put Health first. Bangalore also topped the Wealth aspiration.
The pandemic has had a measurable impact on the daily lives of Indians in the form of loss of income, employment, savings, and investments, with 18% respondents reporting they had lost the primary wage earner in the family. Only 12% respondents reported little to no impact due to the pandemic. Early-Jobbers not just took some of the hardest hits, but also found it hard to access credit cards & loans (28%), and insurance (23%).
Download the fourth edition of the BankBazaar Aspiration Index ® to know all the surprises this year’s study has in store.