Around 47 per cent of women take financial decisions on their own. Age and affluence play a pivotal role in shaping these decisions – where women over 45 years old, with their wealth of experience, emerge as the leaders, with 65 per cent making independent financial choices compared to 41 per cent of millennials, revealed a latest report by DBS Bank India & Crisil.
In terms of financial priorities, buying or upgrading a home is the number one priority for those between 25-35 years, children’s education for those in the 35–45-year category and medical care for those above 45 years of age.
Retirement planning is seen entering the consideration set for the first time in the 35–45-year age cohort, said the report.
Working women in India also tend to be risk-averse. About 51 per cent of their investments are parked in fixed deposits and savings account, followed by 16 per cent in gold, 15 per cent in mutual funds, 10 per cent in real estate and only 7 per cent in stocks, the report further revealed.
In terms of borrowing and payment habits, the report further revealed that around half of the salaried women stated that they have never taken a loan.
Among those who have borrowed, the majority opted for a home loan (39 per cent). This reflects the deep cultural importance associated with homeownership in India. Other categories like Vehicle loans saw about 33 per cent while personal loan about 26 per cent, the report highlighted.
Further, more than 90 per cent from the affluent class are credit card users while only 14 per cent women prefer cash transactions at an all-India level. Approximately 33 per cent of those in the 25-35 age bracket prefer to use UPI for online shopping, while only 22 per cent above 45 years use UPI.
