New Delhi: Nearly two out of three men (65%) make investment decisions independently, but only 44% of women do so, according to DSP Winvester Pulse 2022 study findings. DSP Mutual Fund unveiled the findings of a survey conducted in association with research agency YouGov, which highlighted the difference in investment behavior between men and women and their approach and involvement while making investment decisions.
The study found that a much higher proportion of men (40%) make completely independent investment decisions (without consulting a professional advisor) than women (27%). Among those who make investment decisions with someone else, women (67 per cent) claimed to seek advice from their spouse more often than men (48 per cent). More than twice the proportion of men (26%) said they consulted their fathers to make investment decisions than women (10%).
The survey also revealed that husbands (21%) have a bigger role in introducing women to investing than their fathers (12%). Also, men claimed to be self-educated investors, and a greater percentage of men claimed that they were taught by their fathers (15% for men versus 12% for women), friends and social circles (18% for men). % and 11%) was offered for investment. For ladies).
Among survey respondents, 32% of women consulted a professional financial advisor, compared to 36% of men. A majority of men (79%) and women (78%) said they were gender neutral when it came to considering financial advisors, with the second highest preference for male advisors among both men (15%) and women (13%) Was for Female financial advisors were preferred by females (8%) slightly more than males (6%).
Aditi Kothari Desai, Vice Chairperson, DSP Investment Managers, said, “…a remarkable aspect of the survey to me was that women are introduced by their husbands, as well as directed by their husbands, not their fathers . I would appeal to parents in general and fathers in particular to start talking about money and investments with their daughters at an early age. This will make the coming generations more sensible about their investment decisions. Furthermore, I believe that the right professional investment advice will make a huge difference in enabling women to take control of their own destiny. That’s where our MFDs and advisor-partners will continue to play an important role going forward.”
An interesting aspect of the survey was that a vast majority (about 70% of both male and female respondents) said they would give and/or give separate investment advice to their son and daughter. In fact, 41% of parents said that their own investment strategy would differ based on the gender of their child.
An encouraging observation was that nearly half (45%) of the men and women surveyed said they were investing more post-pandemic. Introspection about money due to the pandemic, the desire for higher returns than before and the ease of investing through apps were cited by both men and women as the top reasons for investing more post-Covid. Of those who said they were investing less after COVID, both men and women cited lower income and wanting to take less risk as the top reasons. However, more men (28%) than women (22%) cite job loss/business closure as a reason for investing less.
The study found that the top investment goals for men and women are largely the same: improving the standard of living, saving enough for retirement and providing for a child’s education. However, more women (45%) than men (40%) listed providing for a child’s education as one of their top goals. More men expressed earning enough to live debt-free (38% for men and 33% for women) and starting their own enterprise (26% for men and 23% for women) as top goals Did.
DSP Winvester Pulse 2022 was organized as part of DSP Mutual Fund’s Winvester initiative, a program to encourage women to make their own investment decisions and instil confidence in them, so that they can take control of their finances. Don’t depend on someone else. DSP encourages women to manage their money and keep their money by taking advice from qualified financial experts only.
The survey covered 4,625 women and men across 10 cities (4 metros: Mumbai, Delhi, Kolkata, Bangalore, and 6 mini-metros: Indore, Kochi, Patna, Chandigarh, Ludhiana, and Amritsar). The study took responses from men and women in the age group of 25 – 60 who have been involved in making investment decisions. Fieldwork for the survey was done from October to November 2022. Participants include people who are currently working or have worked for at least 2 years prior, regardless of whether they are unmarried, married without children, or married with children.
Kalpen Parekh, MD & CEO, DSP Investment Managers, said, “At DSP, we believe in evidence-based insights and apply them to the initiatives we undertake. can help us better understand the needs of women and design our interactions and investor journey to guide them towards meeting their goals. We are keen to be of value to women investors and at the same time we Realize that they need to have an independent understanding of their finances and investing for the same. We will leverage these insights and aim to build a tribe of women investors. We will also share these insights with our MFDs so that they can be better informed. help understand and enable the customer experience.”
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