International Women’s Day: 86% of working women eager to improve financial knowledge, survey reveals

Women aspire for a role in ‘Viksit Bharat’ with 76% of working women expressing a desire to initiate their businesses.

Abeer Ray
Published7 Mar 2024, 10:50 AM IST
More women aspire to be entrepreneurs in today's world.
More women aspire to be entrepreneurs in today’s world.

In anticipation of International Women’s Day, IndiaLends, a prominent online marketplace for credit products, introduces the 6th edition of its annual #WorkingStree report. This year’s survey, centred on “Women Entrepreneurship and Investments”, explores the aspirations and realities of working women in India. The report underscores a change in the priorities of working women in India. Let’s delve into the details:

Emphasis on entrepreneurship and investments: The current report appears to explore the strategies employed by working women in pursuing business ownership and financial advancement, contrasting with the previous year’s emphasis on attaining financial independence.

Optimistic perspective: The report indicates a more favourable viewpoint compared to the discoveries of the 5th edition, which might have pointed towards challenges encountered by working women in attaining financial independence.

In the current year, IndiaLends conducted a survey of more than 10,000 working women aged 24-55 in metropolitan areas as well as tier 1 and tier 2 cities. A remarkable 76% of the participants indicated their aspiration to initiate their businesses. This entrepreneurial enthusiasm reflects an expanding ambition and a dedication to seizing control of their financial destinies.

In the #WorkingStree survey by IndiaLends, the majority of respondents fell within the 25-34 age group, constituting 33.6% of the total sample, with 35-44-year-olds following at 25.6%. The youngest demographic, aged 18-24, made up 22.3% of the participants, while those aged 45 and above comprised approximately 18.5%. In terms of professions, salaried employees constituted the largest segment at 44.5%, with self-employed individuals following closely at 31.3%. Homemakers represented 12.3% of the sample, and professional individuals like CAs and lawyers accounted for 4.4%. Regarding marital status, the majority of respondents were married, making up 67.2%, while singles constituted 20.5%.

Furthermore, a noteworthy 86% of employed women conveyed a keen interest in acquiring knowledge and enhancing their skills in domains such as budgeting, investing, saving, and other financial instruments. This increasing financial literacy plays a pivotal role in empowering women to navigate the intricacies of finance, be it as investors or entrepreneurs.

Beyond the numerical data, the #WorkingStree survey uncovered narratives of women entrepreneurs assuming leadership roles. A significant discovery is that 68% of women entrepreneurs autonomously oversee their company accounts, showcasing their proficiency and self-sufficiency. Merely 32% of women rely on professionals, husbands, or family members for this aspect of their business.

The survey also sought insights into the investment behaviours of working women. Results showed that 68.7% of businesswomen/entrepreneurs invest their funds, while only 51% of salaried women engage in investment. Intriguingly, among women who invest, 79% manage their investment portfolios independently. The remaining 21% seek assistance from their partners or parents.

When questioned about their reasons for refraining from investment, 25% of women attribute their decision to a lack of confidence in making investment choices, while 29% identify a restricted understanding of financial instruments as a hindrance.

Ankit Khurana, Chief Marketing Officer, IndiaLends, expressed, “The results of the #WorkingStree survey are truly inspiring. Witnessing that 76% of women aspire to start their businesses fills me with immense pride. This is proof of changing times and shows how today’s women are ready to take charge of their finances. I believe that by supporting women’s entrepreneurial journeys, we can ensure a stronger and more prosperous nation for generations to come.”

In essence, the rise in financial literacy among women represents a notable stride towards fostering increased financial inclusion and empowerment. This development enables active participation in the financial system, positioning women as investors and entrepreneurs, and paving the way for a secure and prosperous future for themselves and their families.

 

 

 

 

 

 

 

 

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First Published:7 Mar 2024, 10:50 AM IST
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