Bengaluru-based digital wealth management service Scripbox recently conducted the third edition of their annual survey which aims to understand aspects of women’s investing habits and financial goals. The results highlighted an obvious trend where women were more inclined to have a stronger hold on their financial investments as the pandemic was underway.
Here are some of the highlights from the survey:
- One in five women (or 22 per cent) started investing for the first time amidst the Covid-19 pandemic, and one in two women created a financial plan and committed to saving more. As much as 44 per cent of women also said that they prioritised creating a financial plan.
- While almost 30 per cent of women said that they had sought to educate themselves on personal finance during the pandemic, 30 per cent of women said rely on digital investment platforms for financial planning and investing information, 20 per cent said they depend on friends and family whereas 15 per cent referred to articles on personal finance.
- The survey also reported an 11 per cent uptick in the number of women who are managing their expenses independently right now, compared to the survey last year, hinting at a higher sense of independence amongst women when it comes to financial decision-making.
- 40 per cent of women also said that they are committed to saving more and 23 per cent increased their investments.
- Even as women grew more aware and enthusiastic of their financial scenarios, they remained cautious of their decisions. As much as 34 per cent of women chose to invest their money in a traditional mix of investment options like fixed deposits, recurring deposits, PPF and savings accounts. Mutual Funds emerged as the most preferred investment instrument, with 22 per cent of women preferring to invest in them. This was followed by shares and Gold.
In a statement about the survey, Founder and CEO at Scripbox, Atul Shinghal said, “The survey highlights a progressive reduction in gender role gaps and an increased independence in women with wealth management. He added, “With an increase in awareness and interest in financial planning and wealth creation, we are witnessing a positive shift in investment preferences, goals, behaviours and mindsets. Women are motivated to save, invest, and take control of their financial journey now more than ever. As a digital wealth manager, our aim is to help investors make these informed decisions that allow them to achieve their life goals.”
As per the report, independence in financial decision-making also led to a sense of personal empowerment in women, thus promoting positive action.
Image used for representational purposes only.