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More than 70% of working women contribute to household expenses: Survey

Nearly half of working women learned about personal finance from social media, it says

Repo-linked loans: Home buyers to see higher outgo in initial years

Karthik Jerome New Delhi

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More than 70 per cent of working women in India contribute to their household expenses, said an online survey to track how financial decisions are made.

The survey found that 67 per cent of working women in Delhi contributed for their household expenses, with 31 per cent providing more than half of their income.

The #WorkingStree survey by IndiaLends, an online marketplace for personal loans and credit cards, said 47 per cent of working women in Delhi found it difficult to regularly track their expenses. As many as 37 per cent of working women are either not aware or have never been able to check their credit scores.

The survey, fifth in a series, was conducted in February 2023 and covered more than 10,000 working women aged 21 to 65 in top metro, Tier-1, and Tier-2 cities. The majority of respondents were married (70.6 per cent), followed by singles (16.4 per cent).

Respondents said “financial freedom” was their biggest motivation, followed by the desire to be valuable and having self-confidence nationally along with the need to support family needs.

The survey said 32 per cent of working women in Delhi found making financial decisions with regard to savings and investments a bit complex. This is in line with the national trend, where many women rely on the guidance of their father, brother, or husband when making financial decisions.

Financial empowerment of women is a social responsibility and a key driver of economic growth, said Gaurav Chopra, CEO of IndiaLends. While it is encouraging to see 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.

The survey found that, at a national level, nearly half of working women learned about personal finance from social media, about 30 per cent from news articles, and 20 per cent from workshops and seminars, followed by professional experts. 

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First Published: Apr 25 2023 | 7:34 PM IST

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