Being in control of your own money means you’re in control of your own life, that’s how a saying goes. Investing, just like any other skill, needs to be developed. Women are proactively seeking to educate themselves on money matters, reveals a survey.
According to the third edition of the Scripbox annual survey – conducted to understand the qualitative aspects of women’s investing habits and financial goals – nearly 30 per cent of women had sought to educate themselves on personal finance during the pandemic.
30 per cent of them rely on digital investment platforms for information on financial planning and investing, while 20 per cent depend on friends and family and 15 per cent refer to articles on personal finance.
The survey highlights a growing trend of women taking greater control of their money, accelerated by the economic impact of the pandemic.
70 per cent of women (60 per cent in 2021) have said that they are either independently managing their own money (32 per cent) or are actively involved in financial decision-making with their spouse (38 per cent). The company claims as compared to last year’s survey,
There is an 11 per cent uptick in the number of women who are independently managing their expenses today.
Independence in financial decision-making has led to a sense of personal empowerment in women. This is promoting positive action.
44 per cent of women say they prioritized creating a financial plan; 40 per cent say they committed to saving more, while 23 per cent increased their investments.
One in five women (22 per cent) have started to invest for the first time amidst the pandemic. Prudence has been the order of the day, with only less than 10 per cent of women resorting to revenge shopping.
Taking money matters into their own hands helps create a virtuous cycle of benefits. 70 per cent of women have said that it gave them a greater sense of confidence and independence, and helped improve their overall well-being.
Key findings:
- Women are taking money matters into their own hands, wmith 70 per cent being involved in making financial decisions.
- 1 in 5 women started investing for the first time, amidst the pandemic
- 1 in 2 women created a financial plan and committed to saving more
- Saving for retirement and children’s education are the top financial goals for women.
- For women, financial decision making provides a sense of confidence and improves well-being.
- Mutual Funds is the most preferred investment instrument followed by Shares and Gold.
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