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A report by DBS Bank India and CRISIL reveals that 27% women seek help of financial advisors whereas majority of women or 47% of women seek advice and information from family members to make financial decisions.
The report tries to understand the way urban Indian women plan, prioritize and manage their money. The study also concluded that age, income, marital status, presence of dependents and geographic location are key parameters that influence financial behaviour of women in India.
Here are other keys insights of the report:
- Working women keep 15% assets in mutual funds, 51% in fixed deposits and savings account, followed by 16% in gold, 10% in real estate and 7% in stocks. Overall, working women in India tend to be risk-averse
- On an average, 47% of women take financial decisions on their own. In age wise category, 65% of women aged over 45 years take financial decisions independently compared to 41% aged 25-35 years and 49% aged 36 to 45years
- Regional differences are stark with metros like in Chennai, 72% women make their own financial decisions whereas in Coimbatore, only 31% of its women take financial decisions independently. Similar trend is seen in Delhi and Gurugram with 65% and 44% of women taking independent financial decisions respectively
- 58% of affluent women take their own financial decisions compared to 38% in the semi-affluent category
- Half of the salaried women surveyed in India have not taken any loans. Among the other half, 39% have taken home loans and 33% have opted for vehicle loans
- India’s urban women are accepting a cashless economy. Only 14% prefer cash transactions at an all-India level; Kolkata remains an outlier at 43%
- 98% of women are actively involved in family decisions being at the forefront of long-term family decisions, be it planning for their children's education or managing household finances
- The topmost short-term financial goal for women is supporting family members, with 20% prioritising this. Next important financial goal is funding their own business or establishing a new one; 14% of women prioritize this. Interestingly, women aged over 45 years prioritize health and wellness in the short-term while women aged 25-35 years are more inclined to budget and plan for their travel interests
- Top priority for women aged 25-35 years is buying a home while in the bracket of 36-45 years, it changes to children’s education and for those over 45 years, medical care becomes the topmost priority
Note-Over 800 women were surveyed across 10 cities in India on a wide range of behaviours, including their involvement in financial decision-making, goal setting, saving and investing patterns for the survey.
