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BankBazaar Aspiration Index | Vol. 6
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name="mobileSite" value="false" id="mobileSite"/><input type="hidden" name="tabletSite" value="false" id="tabletSite"/><input type="hidden" name="website" value="MARKETPLACE" id="global_website"/><script type="text/javascript" id="pageJSONVariables"> var pageJson = {"id":82757,"hideOfferTable":true,"metaDescription":"BankBazaar offer great insights on personal finance as approached by various media outlets for inputs on topics ranging tax savings to expert comments on loans or insurance - Aspiration Index 2023.","hungryForMore":[{"type":"paragraph","data":{"text":"We are happy to bring to you\nthe 6<sup>th<\/sup> edition of the BankBazaar Aspiration Index - our annual\nstudy that attempts to understand what are the key aspirations of people and\nhow they change year on year."}},{"type":"paragraph","data":{"text":"For\nthe first time since 2020, the All-India Aspiration Index has fallen. It now\nstands at 85.3, down two points from 2022 (87.3). Given the prevalent economic\nuncertainties around the world, we expected reports of financial challenges\nfrom our respondents. Hence a fall in the Index wasn\u2019t wholly unexpected."}},{"type":"paragraph","data":{"text":"A few\nthemes stand out. Mental health remains a major concern. Our data suggests\nfatigue among India\u2019s young. The Early Jobber male, in particular, seems to be\nlow on aspirations with the lowest scores across all goals. But women are\nleading this year\u2019s charge."}},{"type":"paragraph","data":{"text":"The\nbiggest drivers continue to be relationship goals, and of course, health.\nThe most important goals were also around mental health, children\u2019s education, home ownership, entrepreneurship,\nand living near one\u2019s family."}},{"type":"image","data":{"lazy":false,"src":"https:\/\/static.bankbazaar.com\/images\/india\/infographic\/bankbazaar-aspiration-index-2023_1.png"}},{"type":"paragraph","data":{"text":"Despite thinning participation in the workforce, Indian women drive\nIndia's aspirations. They outmarched men again this year, with an Aspiration\nIndex of 86.1 versus 84.3 for men. The top aspirations for women centered\naround mental health (90), children\u2019s wellbeing (89), and home ownership (89)."}},{"type":"paragraph","data":{"text":"A resilient East (84.1) lost its top spot and moved to the bottom with a\nsteep fall of 4.1 points over last year. The South, North, and West clustered\nclosely together in the 85s."}},{"type":"image","data":{"float":"no-float","lazy":false,"src":"https:\/\/static.bankbazaar.com\/images\/india\/infographic\/bankbazaar-aspiration-index-2023_2.png"}},{"type":"paragraph","data":{"text":"The other major theme observed\nin this year\u2019s survey is the drop in fresh credit, which, despite going strong,\nhas fallen by 2-3 percentage points compared to the previous year. Interest\nrate hikes have led to home loans becoming costlier by 1-3% or more for 74% of the\nrespondents."}},{"type":"paragraph","data":{"text":"Rising\ninflation and interest rates have had a big impact on people\u2019s pockets. Around\n74% have seen their loans become more expensive. Around 42% have seen their\nEMIs go up and 21% have seen both EMI and tenor increase. Of these, 76% have\nseen their interest rate increase by more than 1%. The hike has been more than\n3% for 21%. That\u2019s an increase of \u20B90-2000 for 26% people, and \u20B92000-10,000\nincrease for 50%."}},{"type":"image","data":{"float":"no-float","lazy":false,"src":"https:\/\/static.bankbazaar.com\/images\/india\/infographic\/bankbazaar-aspiration-index-2023_3.png"}},{"type":"paragraph","data":{"text":"Nevertheless, despite the headwinds, optimism still\npersists as majority people (56%) choose to defer their aspirations over\ndownsizing them or writing them off altogether. Women continue to drive\naspirations, with women scoring higher on every metric\u2014the importance index,\nthe Aspiration Index, credit use, and general optimism."}},{"type":"jumbotron","data":{"title":"Download the sixth edition of the BankBazaar Aspiration Index庐 for more valuable insights into India\u2019s aspirations.","elements":[{"type":"image","data":{"float":"no-float","lazy":true,"src":"https:\/\/static.bankbazaar.com\/images\/common\/download-now.png","link":"https:\/\/static.bankbazaar.com\/images\/india\/bb-aspiration-index-23-1.pdf","alt":"Aspiration Index 2023 PDF"}}]}}],"h1Title":"BankBazaar Aspiration Index | Vol. 6","metaTitle":"BankBazaar Aspiration Index | Vol. 6","metaKeyword":"aspiration index 2023, bankbazaar aspiration index","updatedOn":"17 Feb 2025","hideUserReviews":true,"hideEligForm":true}; var staticOfferFeaturesJson = []; var personalizedOffersJson = {}; var commodityJSON = {}; var footerJson = {"learnMore":[{"label":"Credit 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