According to a poll by Tata AIA Life Insurance, although the percentage of women in the workforce has increased noticeably in India, they still hesitate to make their own financial decisions (Tata AIA).
According to a poll on financial literacy among women, 59% of them do not make financial decisions on their own. However, 44% of women are prepared to make their own financial decisions if given the chance.
Marriage and Financial Planning
According to poll results, 89% of married women rely on their partners for financial planning. Before marriage, the father makes all of the financial decisions for the woman; after marriage, this responsibility is subtly transferred to the husband. The survey also revealed that because women typically get married between the ages of 20 and 22, they do not have the freedom to make financial decisions. So, one of the main obstacles to women having financial freedom in their decision-making is marriage.
Independence in financial planning
For 39% of the women surveyed, financial planning consists only of creating a monthly budget. Only 12% of the 42% of women who understand financial planning better are housewives. According to poll results, the majority of women cannot necessarily make their own financial decisions just because they are financially independent. 59% of working women do not independently make financial decisions. In tier 3 markets, where 65% of employed women do not make independent financial decisions, the percentage is higher. Despite the passionate narrative of women’s empowerment and gender equality that has been frequently discussed over the years, this behavior persists. Additionally, laws that discriminate against women have been strengthened, and there has been a favorable change in women’s status in society over time. However, women do not have the final say when it comes to financial planning.
Desire to Engage in Financial Planning
However, 44% of women are prepared to make their own financial decisions if given the chance. Positively, women are becoming more open to the idea of managing their finances in tier-2 markets. This transformation might be brought about by improved lifestyle choices and greater awareness of their rights.
Women prioritize their families’ financial security over their own, according to the survey, which quizzed respondents about their goals. 62% of the women feel more at ease investing in bank FDs for the benefit of their families among the other financial vehicles. But when it came to choosing for themselves, they trusted their spouse.
Attitude toward Life insurance
Desire to Engage in Financial Planning However, 44% of women are prepared to make their own financial decisions if given the chance. Positively, women are becoming more open to the idea of managing their finances in tier-2 markets. This transformation might be brought about by improved lifestyle choices and greater awareness of their rights.
Women prioritize their families’ financial security over their own, according to the survey, which quizzed respondents about their goals. 62% of the women feel more at ease investing in bank FDs for the benefit of their families among the other financial vehicles. But when it came to choosing for themselves, they trusted their spouse.
To measure women’s financial literacy and autonomy, Tata AIA Life hired the specialized brand research company Jerusalem to conduct a study. A total of 1000 respondents in the 25–55 age range from 18 major Indian cities, including metropolises and Tier 1 and Tier 2 markets, were included in the survey.