Being financially unbiased ranks amongst high three priorities for girls, a survey by SBI Basic stated, including that about three in 10 girls discover ‘price of residing’ a significant problem or barrier for being financially unbiased.
One in 4 girls indicated social/household restriction or lack of steering from house as a barrier to changing into monetary unbiased, the survey, which was performed in collaboration with YouGov, stated.
About 1,000 girls aged 25-45 in tier-I and -II cities throughout India participated within the survey.
The examine sought to grasp the notion of ladies and their understanding of economic independence, whereas inspecting the triggers and limitations they face to change into financially unbiased.
For working girls, being financially unbiased might imply making her personal monetary selections or being self-sustained by incomes and managing her personal funds. However for a homemaker it might imply having financial independence, freedom, and the power to spend cash at any time when she needs or maintain themselves throughout emergencies.
Though most girls ascribed a terrific diploma of significance to monetary independence, a majority indicated that they don’t earn sufficient to be financially unbiased, with practically 50% “not feeling financially unbiased”.
The dearth of economic independence is extra evident in tier-II cities and amongst non-working girls.
In an encouraging signal, about 53% of the ladies surveyed stated they’ve taken steps to save lots of and make investments, as proactive steps to change into financially unbiased. Nonetheless, solely 38% girls claimed to have been insured as a step to changing into financially unbiased.
PC Kandpal, MD & CEO, SBI Basic Insurance coverage, stated, “Immediately, increasingly girls in India are specializing in being self-dependent and financially safe. Nonetheless, the examine exhibits most girls are nonetheless not self-dependent, particularly in monetary issues like funding and insurance coverage. Actually, our examine highlights that whereas girls try to be financially unbiased, one-third of the ladies discover lack of correct data and data about funding and insurance coverage, as one of many pulling components.”
“Solely 38% girls have claimed to have insured themselves to be financially unbiased, signaling low ranges of consciousness and insurance coverage penetration. There’s a have to equip girls with the required data in order that they’ll make extra knowledgeable selections about their funds. Our efforts are centered on this premise, and we’ll proceed to undertake initiatives that make monetary independence for girls part of mainstream discourse”, he added.
Different key findings:
Whereas girls search data round finance and investing throughout media channels (on-line and offline), household steering (22%) has the very best affect on their final funding. Girls, subsequently, should be inspired to search out extra data on their very own and take monetary selections independently
The examine confirmed searching for skilled assist to handle funds is uncommon amongst girls—even amongst those that take into account themselves financially unbiased. In keeping with the examine, whereas solely 17% girls consulted a monetary planner to date, one-third (34%) additionally indicated a necessity for help/steering from specialists to be financially unbiased.
About 48% girls take into account rising funding and financial savings as vital steps to elevating the extent of economic independence.
A majority (77%) of the respondents take into account having particular person checking account even after marriage vital as part of being financially unbiased
Solely 30% girls associated financially independence with pre-empting emergencies.
The examine captures insights from the highest 6 metros, as properly subsequent 20 cities, together with mini metros equivalent to Ahmedabad, Lucknow, Pune and cities like Agra, Jaipur and Indore.
Supply: Live Mint