About 67% of women make a joint financial decision with their spouse and 21% handle things independently
Covid-19 triggers women to take greater ownership of their money as 60 per cent of them are confident when in control of their money. Further, women nowadays are actively getting involved when it comes to financial planning says a survey done by digital wealth management platform Scripbox, with 778 women across India.
The survey also reveals that 67 per cent of women make a joint decision with their spouse and 21 per cent say that they handle things independently. Also, the number of women who take an equal decision in money matters along with their spouse has doubled from 33 per cent in 2020 to 67 per cent in 2021.
“While we still find socially ingrained gender roles and other factors undoubtedly playing a role in women not actively taking charge of their money, a special focus to empower women in this space becomes all the more critical. It self-admittedly improves confidence and only good things can come from women feeling empowered, confident, and in charge,” says Neela Kaushik, Founder, and CEO, GurgaonMoms, and a Community Specialist & Columnist.
The number one financial goal for women across India is retirement (58 per cent), followed by children’s education (52 per cent), and creating emergency funds (50 per cent). When it comes to single women their number one financial goal is to save for travel (51 per cent) and for married women it was retirement (62 per cent).
“Women tend to prioritise long-term growth over immediate returns and look to achieve life goals such as retirement and children’s education. Their long-term view of wealth creation lends ideally to investing, which requires and rewards that perspective,” says Atul Shinghal, Founder and CEO, Scripbox.