BankBazaar Aspiration Index | Vol. 7

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. A higher Index represents greater aspirations. 

The rise, albeit a negligible one, indicates that Indians are eager to put the last half a decade of uncertainty and volatile growth behind them and are looking at their aspirations in the eye. Aspirations like lavish weddings are making a comeback, and a premium lifestyle is becoming a common demand. 

High inflation and escalating costs of living, coupled with low workplace flexibility has put pressure on families as everyone, especially women, tries to juggle family responsibilities and workplace demands. 

As in the past, women continue to bolster theindex. This is a seven-year long data point that puts it in black and white that unless you have more women participating in the workforce, the economy isn’t growing anywhere. 

Policymakers and industry must develop concrete plans to encourage more women to not just join the workforce but stay and thrive. 

India continues to be credit hungry, and there’s a big dependence on credit to manage expenses. While this has been falling post covid, over 40% still depend on credit to manage monthly expenses and 12-15% have been borrowing for basic sustenance. 

Retirement continues to be a concern and there is clear indication that a lot of education is required around this space. 

Lastly, to nobody’s surprise, three aspirations have retained their top three spots: mental health, investing for children’s education, and homeownership. 

We hope the insights in this report will help you in understanding India’s aspirations better. 

Download the seventh edition of the BankBazaar Aspiration Index® for more valuable insights into India’s aspirations.

Download the seventh edition of the BankBazaar Aspiration Index® for more valuable insights into India’s aspirations.