International Women's Day: Number of women taking charge of their finances is growing
According to research conducted by one of India's major digital wealth management company, the number of women taking charge of their finances is growing. Continue reading to learn more.
In terms of personal finance, the pandemic has proven to be both beneficial and detrimental. Poor because most individuals were underinsured and experienced a liquidity shortage due to unforeseen financial circumstances. However, the good news is that many have learnt from this and now prefer to have a financial plan in place.
Research was conducted by one of India's major digital wealth management companies. According to the statistics, there is a rising tendency for women to take charge of their finances. In February 2022, over 750 women from throughout India participated in this digital poll.
According to the poll results, around 22 per cent of women started investing for the first time during the pandemic, whereas just 10 per cent chose revenge buying. Financial freedom is similar to confidence, according to almost 70 per cent of the women polled. Among the polled women, 44 per cent said they prioritised having a financial plan in place, while 40 per cent said they raised their savings. However, only 23 per cent of the women have raised their investments.
Furthermore, 34 per cent of women said they favour fixed income products such as fixed deposits (FD), Public Provident Fund (PPF), and life insurance. While mutual funds were chosen by 22 per cent of women, stocks were chosen by 14 per cent, and gold was chosen by just 10 per cent of those polled. This demonstrates that when it comes to investing, women prioritise safety.
It's good to see women participating equally in financial decisions in their families. According to the poll, around 32 per cent of women said they independently handle their own finances, while 38 per cent said they are actively involved in financial decision making with their husband.
This clearly demonstrates the women's strong attitude on handling their personal finances while simultaneously assisting in the management of family finances. However, on this International Women's Day, we would want to encourage them to devote more time to educate themselves about equity investment. This is something that will actually assist you in building a stronger investing portfolio and achieving true financial freedom.