Independence in making financial decisions has led to a sense of personal empowerment among women, with 44% saying they made creating a financial plan a priority, 40% saying they made a commitment to save more and 23% increased their investments. One in five women (22%) started investing for the first time amid the pandemic.
These are the findings of an annual survey by digital wealth manager Scripbox on women’s investing habits and financial goals. The survey shows a growing trend of women taking more control of their money, accelerated by the economic impact of the pandemic.
Scripbox digitally surveyed over 750 women across India on social media communities of women including Gurgaon Moms and Mumbai Moms through February 2022.
The survey shows that women are proactive in trying to educate themselves on money matters. Almost 30% of women say they’ve tried to educate themselves about personal finance during the pandemic. 30% of them rely on digital investment platforms for information on financial planning and investing, 20% on friends and family and 15% on personal finance articles.
Around 70% of women (60% in 2021) have indicated that they either manage their own money independently (32%) or are actively involved in financial decisions with their spouse (38%). Compared to last year’s survey, the number of women who are now managing their own expenses has increased by 11%. Caution was the order of the day, with less than 10% of women resorting to revenge buying.
Despite these advances in investing, women continue to be cautious with their savings. Mutual funds are the preferred investment vehicle for 22% of women surveyed, followed by stocks and gold. 34% of women prefer to invest their money in a mix of traditional investment options such as time deposits, term deposits, PPF and savings accounts.
“The survey highlights a progressive narrowing of gender gaps and increasing independence for women in wealth management. As awareness and interest in financial planning and wealth accumulation increases, we are witnessing a positive shift in investment preferences, goals, behaviors and mindsets. Now more than ever, women are motivated to save and invest and take control of their financial journey. As a digital wealth manager, our goal is to help investors make those informed decisions that enable them to achieve their life goals,” said Atul Shinghal, Founder and CEO of Scripbox.
Long-term goals in life continue to have priority. Saving for retirement (20%) and for children’s education (20%) emerged as the top financial goals for women across India. While women under 35 want to make more money as their next financial goal, women over 35 have indicated that they would rather set up an emergency fund.
“The simple truth is that being in control of your own money means being in control of your own life. Investing, like any other skill, needs to be developed. It’s heartening to see women bring their natural talent for action to this important area of their lives. Only positive things can come from this change!” said Neela Kaushik, Founder & CEO of GurgaonMoms & a Community Specialist & Columnist.
Taking money matters into your own hands helps create a virtuous cycle of benefits. 70% of women said it gave them a greater sense of confidence and independence and helped improve their overall well-being.
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