The survey additionally discovered that just about half of working ladies have been studying about private finance from social media, about 30% from information articles, and 20% from workshops and seminars, adopted by skilled consultants. (Representative picture)
The survey discovered that over 90% of the respondents are contributing in the direction of family bills with practically 40% chipping in with greater than 50% of their revenue.
As per the fifth Edition of #WorkingStree, an annual survey of working ladies throughout India carried out by IndiaLends, 2/third of working ladies outlined ‘Financial Independence’ as dropping dependence on anyone for monetary wants, over the liberty to spend their very own cash.
Nearly 67% have been nonetheless depending on male family members to make monetary choices. The survey was carried out on-line in February 2023, aimed toward understanding the heart beat of the Indian working ladies vis-à-vis monetary independence and profession selections.
However, over 22% of the respondents weren’t influenced by anybody in making monetary choices. The survey additionally uncovered the need amongst salaried ladies to show entrepreneurs with practically 1/4th wanting to start out their very own enterprise, and one other 1/4th desirous to improve their expertise as a key profession precedence.
It lined 10,000+ working ladies within the 21–65 age group residing in metros and tier 1 and a pair of cities throughout 4439 pincodes of India.
The survey discovered that over 90% of the respondents are contributing in the direction of family bills with practically 40% chipping in with greater than 50% of their revenue.
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Nearly 70% of those ladies earn lower than Rs 5 lakh yearly, whereas 23% are within the Rs 5-10 lakh annual revenue bracket. Whilst, an amazing quantity contributed considerably to their family bills, practically 67% of them have been depending on a male relative for monetary choices together with husband, father, or brother.
Among different findings, the survey revealed that nearly half of the working ladies have been solely making choices associated to discretionary bills independently.
Only about 1/4th of ladies have been in a position to make funding choices independently, with 1/third ladies claiming it’s all the time been the male member of the household who makes funding choices, and 1/4th of the respondent discovering investments “complex and confusing”.
Gaurav Chopra, founder and CEO, IndiaLends, mentioned, “Empowering women to take charge of their finances is not just a moral imperative, but also an economic necessity. It is time for us as a society to break down traditional barriers and create equal opportunities for all.”
The survey additionally discovered that just about half of working ladies have been studying about private finance from social media, about 30% from information articles, and 20% from workshops and seminars, adopted by skilled consultants. With that, only one/third of working ladies felt assured of creating all their monetary choices.
“It is heartening to see that women today are active contributors in the household and that they have started taking an interest in knowing more about personal finance,” Chopra added.
The most vital work motivation for 1/third of the ladies polled was monetary independence; 26% mentioned they have been working to help their households; and 21.6% for enhancing self-confidence; about 6.7% of the respondents mentioned they labored to maintain themselves occupied.
The majority of the survey respondents have been within the 25-34 age group, representing 47.7% of the entire pattern, adopted by 35-44 year-olds at 30.8%.
The youngest age group of 21-24 years represented 13.7% of the pattern, whereas these over 45 and above made up about 7.8%. In phrases of professions, salaried staff represented the most important group of respondents at 43.6%, adopted by self-employed people at 31.3%.
Homemakers represented 12.3% of the pattern, whereas skilled people resembling CAs and attorneys accounted for 4.4%. When it got here to marital standing, nearly all of respondents have been married at 70.6%, adopted by singles at 16.4%.
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