India is stressed out! – ICICI Lombard India Wellness Index 2023
India is stressed out! – the ICICI Lombard Wellness Index 2023
ICICI Lombard recently unveiled its much-anticipated sixth annual India Wellness Index for 2023. While the report shows promising positives and progress, it also highlights areas of concern where much needs to be done.
The study was conducted on 2,052 people from 19 cities spanning various age groups, genders, geographies, and professions.
The index measures wellbeing and quantifies the state of wellness among Indians in multiple areas like physical, mental, family, financial, workplace, and social.
Let’s look at some key highlights from the report:
Mental & Physical Wellness – Stress, Diabetes and hypertension!
77% of Indians experience at least one symptom of stress regularly.
Alarmingly, younger generations – namely GenZ and Millenials, report higher levels of anxiety, lack of stamina and obesity.
GenX, on the other hand, appear to be plagued with chronic ailments as they often seem to inherit serious health conditions such as diabetes, cholesterol and hypertension.
There is a serious need for intervention here!
Social & Family Wellness – Women on the decline 🙁
Though improved when compared to 2022, India’s 2023 social wellness still remains below 2019’s pre-pandemic levels.
The decline in social wellness is pronounced among women and residents of Tier 1 towns, revealing a pressing need for initiatives to bolster community engagement.
Spending quality time with family sees a decline among working women, leading to a decreased feeling of well-being, with only 53% of women claiming they spend quality time with their families.
Financial & Workplace Wellness – The good and the bad
While Millennials showed growth in financial wellness by leaps and bounds, GenZ exhibited a decline on financial wellness.
The largest decline has been observed in terms of influence (Seniors inspiring to be more efficient), Infra (Access to workplace infra, quality workforce) and Actions (Managing work-life balance).
The resumption of in-person work seems to have intensified the struggle for work-life balance.
insurancepe’s take on the Wellness Index 2023
From the perspective of insurance, the increasing popularity of digital health products has led to a boom in insurtech innovations which clearly means Indians are health aware. Further, the study points out that health insurance ownership is driving wellness among Indians!
With increasingly innovative add-ons and free benefits which come along with employer-provided Group Health as well as Individual Health insurance plans, Indians generally feel attended to in respect of their physical and emotional wellness.
BUT, since the overall wellness score of the country (72) remains unchanged from last year’s?! There clearly remains a lot of work to be done in this regard.
What needs work?
Financial Wellness (especially GenZ) and Social Wellness.
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