Chennai, Jan 16:
In a pioneering effort to understand the way urban Indian women plan, prioritise and manage their money, DBS Bank India, in partnership with CRISIL, have undertaken a comprehensive study entitled ‘Women and Finance’. The first of three reports was launched today, based on the survey that was designed to reveal the financial preferences of women, both salaried and self-employed, across various life stages. Over 800 women were surveyed across 10 cities in India on a wide range of behaviours, including their involvement in financial decision-making, goal setting, saving and investing patterns, adoption of digital tools as well as their preferences for different banking products.
In the context of the stagnating rate of female participation in the workforce and a persistent gender pay gap, the insights from this study are pertinent for businesses, regulators and financial institutions as well as a revelation when it comes to understanding the variations of Indian women’s relationship with their finances. The survey findings pointed to factors like age, income, marital status, presence of dependants and home location as major influencers of the financial behaviour of women.
The report provides a fascinating glimpse into the growing empowerment of earning, metropolitan women. Across India, a woman’s primary long-term financial priority evolves with age. Buying/upgrading a home is priority number one for those between 25-35 years, while it evolves to children’s education for those in the 35-45 year category and to medical care for those above 45 years of age. Expectedly, retirement planning is seen entering the consideration set for the first time in the 35-45 year age cohort.
Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India, said “ More than 35% of our own DBS Treasures customer base are female and we have seen many inspiring examples of how women can take charge of their own finances. The DBS Women and Finance study is a step forward in the much-needed movement to a more equitable financial playing field and it underlines our commitment to enabling all customers to ‘Live more, Bank less’.”
