Covid-19 triggers women to take greater ownership of their money: Survey
- About 60% of the respondents confirmed that taking ownership of their money and financial future was key to their confidence
Women are actively getting involved in financial planning decisions and are also investing more, pushed by the covid crisis and uncertainties of 2020, according to Scripbox, a digital financial services firm.
Scripbox conducted the survey in February 2021 involving 778 women across India. The survey included women’s communities on social media and the group was composed of 51% Gen Y (25-40 years olds), 43% Gen X (over 40 years) and 6% Gen Z (under the age of 24 years) respondents. More than 62% were employed and 85% were married. The survey focused on financial preparedness, investment behaviour and challenges around money matters.
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Despite being risk-averse by their own admission, the majority of women surveyed said they were taking control of their finances. About 60% of the respondents confirmed that taking ownership of their money and financial future was key to their confidence.
Atul Shinghal, founder and chief executive officer of Scripbox said, “It’s promising to see that more women are taking the reins of their financial future creating a virtuous cycle of confidence that comes from owning their wealth. Women tend to prioritize long-term growth over immediate returns and look to achieve life goals such as retirement and children’s education."
Some of the other findings from the survey were:
> 88% of women surveyed said they took financial decisions along with their spouses or handled them independently
> The top financial priority among women was to save for retirement
> Women who actively invest has risen by 10 percentage points since last year
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> While women continue to be risk-averse, with 54% preferring to squirrel away their money in FDs, investing in mutual funds is their second (at 36%) most preferred investment option
> 1 out of 2 women, nonetheless, say they don’t have enough knowledge and are confused about financial planning
The annual survey records a clear progression in women investing more and taking greater control of their money over the last year, as a result of the economic impact of the pandemic. It further states, "While women continue to be avid savers, squirrelling away a majority of their earnings, the percentage of those who actively invest has risen by 10% since last year. The covid-19 driven economic uncertainty has fuelled an increased need among women to get involved in owning their money, where they may have earlier left these responsibilities to a male member of the family or their spouse."
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