Women are proactively seeking to educate themselves on money matters, according to a survey by Scripbox.

Ahead of International Women’s Day, Scripbox, a digital wealth manager, conducted the third edition of their annual survey to understand the qualitative aspects of women’s investing habits and financial goals. The survey highlights a growing trend of women taking greater control of their money, accelerated by the economic impact of the pandemic.

As per the survey, one in five women (22 per cent) started investing for the first time amidst the Covid-19 pandemic, while one in two women created a financial plan and committed to saving more. Forty-four per cent  of women said that they prioritised creating a financial plan.

Nearly 30 per cent  of women said that they had sought to educate themselves on personal finance during the pandemic. While 30 per cent  of them rely on digital investment platforms for information on financial planning and investing, 20 per cent  depend on friends and family. Further, 15 per cent  referred to articles on personal finance. 

Seventy per cent  of women (60 per cent  in 2021) have said that they are either independently managing their own money (32 per cent ) or are actively involved in financial decision-making with their spouse (38 per cent ). 

There is an 11 per cent  uptick in the number of women who are independently managing their expenses currently compared to the survey last year.

“Independence in financial decision-making has led to a sense of personal empowerment in women. This is promoting positive action,” the report said.

Forty per cent  of women said that they are committed to saving more, while 23 per cent  increased their investments.

“Prudence has been the order of the day, with only less than 10 per cent  of women resorting to revenge shopping,” the report said.

“Despite these strides taken with investing their money, women continue to be cautious with their savings,” if further added.

Mutual Funds emerged as the most preferred investment instrument. It was the choice of 22 per cent  of women surveyed, followed by Shares and Gold.  Thirty-four per cent  of women chose to invest their money in a mix of traditional investment options such as fixed deposits, recurring deposits, PPF and savings accounts. 

“The survey highlights a progressive reduction in gender role gaps and an increased independence in women with wealth management,” said Atul Shinghal, Founder and CEO at Scripbox.

“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,” Shinghal added.

Long term life goals continue to be a priority. Saving for retirement (20 per cent ) and children’s education (20 per cent ) emerged as the most important financial goals for women across India. 

While women under 35 years wished to make more money as their next financial goal, women over 35 years said they would prefer to create an emergency fund.

“The simple truth is that being in control of your own money, means you’re in control of your own life. Investing, just like any other skill, needs to be developed. It’s encouraging to see women bring their natural predisposition to action to this important area of their life. Only positive things can come from this change,” said Neela Kaushik,  Founder and CEO, GurgaonMoms & a Community Specialist & Columnist.

Taking money matters into their own hands for 70 per cent  of women gave them a greater sense of confidence and independence and helped improve their overall well-being, the women said.

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