Survey: Indian Women’s Financial Independence

Survey Reveals Women’s Financial Independence Trends in India

A comprehensive survey engaging over 800 women from 10 cities in India aimed to explore various financial behaviors such as decision-making, goal-setting, saving, investing patterns, adoption of digital tools, and banking product preferences. The study indicates that factors like age, income, marital status, dependents, and location significantly influence women’s financial behavior.

The report highlights the evolving priorities of urban women, emphasizing how their long-term financial goals shift with age, marital status, career decisions, health, and unforeseen events.

Financial decisions are notably influenced by age and financial status. Women aged 45 and above emerge as leaders in autonomous financial decisions, with 65% making independent choices, compared to 41% among those aged 25-35. Overall, approximately 47% of women are making self-reliant financial decisions, showcasing increasing financial independence.

The survey delves into how women save, borrow, and invest money. Women in metropolitan areas show a preference for low-risk investments, allocating 51% of funds to fixed deposits and savings accounts. Dependents significantly influence investment behavior, with 43% of married women with dependents allocating 10-29% of their income to investments.

The report also explores regional differences in financial choices. Hyderabad and Mumbai lead in credit card usage, with 96% of Mumbai women relying on them, contrasting with 63% in Kolkata. The research indicates a shift toward digital payments, with UPI (Unified Payments Interface) emerging as the favored option for online shopping, money transfers, utility bills, and e-commerce purchases.

Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India, notes that modern Indian women are actively involved in financial decision-making, demonstrating diverse investment choices and a growing adoption of digital channels.

_{Repurposed article originally published in Mint}