The financial behaviour of women in India is influenced by parameters like age, income, marital status, presence of dependants and geographic location, a report by DBS Bank India and CRISIL stated.
The women aged over 45 years display the highest autonomy in decision-making, with 65 per cent of them independently managing their finances. According to the report, financial decision-making autonomy is also seen to increase with income.
At least 58 per cent of affluent women take their own financial decisions, compared with 38% in the semi-affluent category. This disparity can be attributed to affluent women having higher financial literacy and access to resources.
When it comes to cities, 72 per cent of women in Chennai confidently make financial decisions. In Delhi, 65% of women steer their own financial decisions, driven by Delhi’s cosmopolitan culture and myriad opportunities. However, Gurugram, presents a contrasting picture with only 44% of women taking independent financial decisions, the DBS Bank India-CRISIL report added.
The report mentioned one interesting point, i.e 47% of women seek advice and information from family members when making financial decisions. On the other hand, 27 per cent of women turn to financial advisors or chartered accountants for advice.
According to the report, marital status has a major influence on financial priorities of women. Married women tend to focus on children’s education and healthcare, reflecting their family-centric approach.
Compare to this, unmarried women prioritise personal aspirations such as wedding and vacations.
The DBS Bank India-CRISIL report stated that women in India tend to be risk-averse in financial choices, with about 51% of the investments parked in fixed deposits and savings accounts, followed by 16% in gold, 15% in mutual funds, 10% in real estate and merely 7% in stocks.
More than 90% from the affluent class segment are credit card users; Hyderabad and Mumbai show much higher credit card usage compared to pan-India average of 82%, the report added.
“India’s urban women are in step with the broader transformation to a cashless economy. Only 14% prefer cash transactions at an all-India level; Kolkata remains an outlier at 43%,” the report stated.