Women have fought and struggled for financial independence and stability for many years. While entering the labour force was a positive step, having control and security over their earnings is equally crucial.
Unfortunately, the majority of households' money are still managed by men. But all of that is about to change. Cryptocurrencies are one of the primary financial instruments that women are learning to use to gain more control over their finances.
According to a Central Depository Services (India) Limited (CDSL) survey, male investors held 76 per cent of all individual Demat accounts. However, since the development of the crypto market, women currently account for 15 to 20 per cent of all investments, and this number is growing.
Women are rapidly preferring cryptocurrencies such as Bitcoin, Ripple, Cardano, Ethereum, and Tether, according to data from crypto exchanges as of March 2021. Satvik Vishwanath, co-founder and CEO, Unocoin, a trading body for cryptocurrencies told a publication, “We generally have 12-15 per cent of our customers as women. This year, we have seen it increase to just more than 20 per cent. I strongly believe the pandemic has made women look at alternative modes of investment due to the spread of information by media and the availability of online education material.”
Further, Nischal Shetty, co-founder, WazirX, a cryptocurrency platform adds, “The Supreme Court of India upturning the banking ban, followed by the pandemic-induced lockdown, has given them more time in hand to read and learn more about crypto. As they read more about it, they learned about the potential of the technology as well as the bright career prospects that the industry has to offer. At WazirX, we’ve also been working on several educational initiatives to demystify crypto for the masses. It’s good to see that our efforts are paying off.”
According to a research from the tax platform ClearTax, the number of women investors is on the rise. According to the report, the average woman invests over 12.7 per cent, which is higher than her male counterpart. According to the survey, the fastest-growing sector of female investors is those with a salary of Rs 1 lakh to Rs 5 lakh.
Despite increased awareness of financial independence among women, according to a 2019 poll on investment behaviour of women in India performed by Pulse in collaboration with Nielsen, just 33 per cent of women made their own investing decisions, compared to 64 per cent of males.
Women, now, are being more aware. This awareness isn't limited to metro areas, according to the ClearTax analysis. In India's Tier-II cities and beyond, the number of women investors is also increasing. According to the research, Tier II, III, and IV cities account for over 60 per cent of ClearTax investments. These investments are also a little higher on the risk factors as per market performance. This shows, women are obviously on their way to achieving full financial independence.