Nearly half of working women in Delhi (47 per cent) find it difficult to keep track of their expenses regularly, while more than a third (37 per cent) of working women are either not aware or have never been able to check. His credit score.
These are some of the findings of the 5th edition of #WorkingStree survey report released by IndiaLends, an online marketplace for personal loans and credit cards.
The #WorkingStreet report further reveals that women in Delhi have a unique approach towards financial independence and decision making. The survey was conducted online in February 2023 and covered over 10,000 working women aged 21-65 living in top metro, tier-1 and tier-2 cities, of which nearly 10 per cent are in Delhi- Lived in NCR.
The survey found that two-thirds of working women (67 percent) in Delhi actively contribute to their household expenses, with almost one-third of these women (31 percent) contributing more than half of their household income . At the national level, more than 70 percent of working women contribute to household expenses. Additionally, for working women in Delhi, “financial independence” has been the biggest motivation to work, followed by the desire and confidence to be valued.
At the national level, women echoed the same reasons, followed by the need to meet the needs of the family.
The survey also revealed that 32 per cent working women in Delhi face some difficulty in taking financial decisions regarding savings and investments. This is in line with the national trend, where many women rely on the guidance of their fathers, brothers or husbands when making financial decisions.
IndiaLends Founder and CEO Gaurav Chopra said, “Financial empowerment of women is not only a social responsibility, but also a key driver of economic growth. There’s a long way to go.”
While it is encouraging to note that nearly two-thirds of women in Delhi have checked their credit scores, there is still a long way to go in terms of regular expense tracking and independent investment decision-making. As a financial services company, IndiaLends is committed to providing women with the tools and knowledge they need to achieve their financial goals and aspirations. We believe that a financially independent woman is a force to be reckoned with, and we will continue to work towards creating a more equal and inclusive society for all.”
The survey also found that, nationally, nearly half of working women were learning about personal finance from social media, nearly 30 percent from news articles, and 20 percent from workshops and seminars, followed by professional experts. Were.
Even though working women are currently striving to take charge of their finances, only a third of working women feel confident in making all their financial decisions.
The majority of respondents to Indialands’ #WorkingStreet survey were in the 25-34 age group, representing 47.7 per cent of the total sample, followed by those aged 35-44 at 30.8 per cent. The youngest age group of 21-24 years represented 13.7 percent of the sample, while those aged 45 and older made up about 7.8 percent.
In terms of occupations, salaried employees represented the largest group of respondents at 43.6 per cent, followed by self-employed persons at 31.3 per cent. Homemakers represented 12.3 per cent of the sample, while professional individuals such as CAs and lawyers accounted for 4.4 per cent.
When it comes to marital status, the majority of respondents were married at 70.6 percent, followed by unmarried at 16.4 percent.