A survey by Aviva Life Insurance as a part of its ‘Early Starters’ initiative revealed that while young India has big dreams, parents are not planning adequately financially. The report, based on answers from over 11,300 parents across seven cities (Mumbai, Pune, Bangalore, Kolkata, New Delhi, Hyderabad and Chennai), revealed a huge gap between the big dreams of today’s children and the financial preparedness of parents towards supporting them.
According to the survey, only 24% of parents are financially preparing for their child’s career aspirations, which range from traditional choices like medicine and engineering to unconventional ones like fashion designing and chef.
The report revealed that children’s ambitions are taking a leap towards unconventional career choices; however parents are still lagging behind in financial preparedness to support these dreams. The report also reflected that salaried parents are more inclined towards financial planning as compared to the self-employed ones.
The initiative also revealed several interesting trends about young India’s dreams. While conventional choices such as doctor and engineer continued to be dominant, the affinity towards these choices has declined somewhat. The most popular career choice continues to be medicine, with 23% children aspiring to become doctors. This figure has, however, declined from 29% in 2013. There is also a rise in choice for unconventional professions. Not surprisingly, cricket and other sports (19%) continue to remain a favourite choice. Arts is also a popular field, with 14% children opting for it.
Ms. Anjali Malhotra, Chief Customer, Market & Digital Officer, Aviva India, said, “Our research threw up a very stark fact. Kids in India are dreaming big and wish to pursue various career options, but parents are comparatively underprepared. While saving for their child’s education seems to be a top of mind priority for them, the actual savings process is fairly unplanned. Aviva, through its advisory, propositions, & initiatives like the Early Starters, aims to partner young parents in creating concrete plans, for fulfilling the aspirations of their children.”
Key highlights from the report:
- Only 24% of parents are preparing financially for their child’s career aspirations
- Parents working in the corporate sector (31%) are more inclined towards financial planning for their child, followed by Govt employees (24%) & Businessmen (22%)
- Financial Planning among parents is highest in Hyderabad (38%) and lowest in Kolkata (11%)
- Medicine is the most popular profession among the young Indian followed by Sports and Engineering
- Engineering and Cricket are the most popular choices among boys. Medicine and Fashion Designing are the most popular choices among girls
- Medicine and Engineering are extremely popular in Chennai and Hyderabad, much higher than the national average
- Kolkata is a city of budding fashion designers
- Unconventional careers gaining popularity (58% as against 31% in 2013)
About Aviva Early Starter initiative:
The Aviva Early Starters Initiative was launched in July last year with the primary aim of enabling children to live their dream and in the process make parents aware of the need to plan for their child’s future.
The initiative chose 23 children from across the country and gave them a chance to live their dream profession & to be mentored by Sachin Tendulkar and other renowned professionals like Dr. Naresh Trehan, Chef Kunal Kapoor, Fashion Designers Shantanu & Nikhil, RJ Naved, Artist Alka Raghuvanshi and senior Journalist Poonam Singh.
About Aviva India:
- Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva International holdings Limited (AIH). Current paid up capital amounts to Rs 2,004.9 crore. DIC holds 74% of the share capital while AIH holds 26% of the share capital
- Aviva India is present in 121 locations across India
- Aviva India’s CSR program ‘Street to School’ focuses on empowering underprivileged children through education.
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