Millennial Women Displaying Increased Interest in Financial Investment finds Survey
By: Navyasri, Writer, Womenentrepreneurindia
In a run-up to International Women’s Day 2022, the Women’s Entrepreneur Magazine Team takes a look at how women’s investment habits and financial ambitions have evolved in the past year according to Scripbox’s yearly poll on women's investment habits and financial ambitions.
The COVID-19 pandemic hit the world when it was least prepared for it. The resultant situation has been difficult to deal with since the onset of the pandemic. Things have become insecure and prone to failure. The pandemic has not only taken lives but has also broken people's lives by robbing them of their livelihoods.
This scenario has served as a wake-up call, reminding us of the value of financial independence and stability for both ‘Him’ and ‘Her’. However, securing financial independence proved to be more difficult for women in particular.
Financial independence is the best way for women to assert their power and control over their lives. It empowers women to think positively about themselves and behave appropriately.
Women have a sense of personal empowerment as an outcome of their financial decision-making independence, with 44 percent prioritising creating a financial plan, 40 percent committing to saving more, and 23 percent increasing their investments. During the pandemic, one in every five women (22%) began investing for the first time.
This is according to the results of a Scripbox yearly poll on women's investment habits and financial ambitions. The survey reveals an increasing trend of women taking greater responsibility for their finances, which has been hastened by the pandemic's economic impact.
Scripbox digitally questioned around 750 women across India on women's communities on social media, including Gurgaon Moms and Mumbai Moms, from February 2022 to February 2023.
According to the poll, women are actively seeking to educate themselves on financial problems. During the pandemic, about a third of women said they tried to educate themselves on personal finance. For knowledge on financial planning and investing, 30% of them turn to digital investment platforms, another 20% turn to friends and family, and another 15% turn to personal finance articles.
Around 70% of women (60 percent in 2021) say they either manage their money independently (32%), or are actively involved in financial decision-making with their spouse (38 percent). In comparison to last year's poll, the number of women who manage their finances independently has increased by 11%.
Only about 10% of women have resorted to revenge shopping, indicating that caution is the order of the day.
Following the Supreme Court's clarification of the asset class's validity, the number of women investors entering the field has steadily increased. In the past year, the cryptocurrency network CoinSwitchKuber seen a 1000 percent growth in the number of female user registrations.Women make better investors than men - Women have a proclivity for assessing hazards in practically every situation and attempting to mitigate them as much as feasible. Female investors, according to Merrill Lynch research, assess risks before investing in an asset class. As a result, female investors can be more analytical when it comes to investing. Their caution nudges them to make the proper option when investing in a volatile market like crypto.
"The survey highlights a progressive reduction in gender role gaps and increased independence in women with wealth management. With an increase in awareness and interest in financial planning and wealth creation, we are witnessing a positive shift in investment preferences, goals, behaviors, 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 informed decisions that allow them to achieve their life goals, "said Atul Shinghal, founder and CEO of Scripbox.
Aside from the increase in female investors, the overall ratio of women working in the Indian crypto industry is expanding at a faster rate.It's encouraging to see so many women working in an industry that was formerly thought to be controlled by men.
Long-term life objectives remain a top priority. The most important financial goals for women in India were to save for retirement (20%) and for their children's education (20%). Women under the age of 35 want to make more money as their next financial objective, but women over the age of 35 want to build 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 lives. Only positive things can come from this change! "said Neela Kaushik, Founder and CEO, GurgaonMoms and a Community Specialist and Columnist.
Taking financial concerns into their own hands helps to establish a beneficial virtuous cycle. Seventy percent of women claimed it improved their general well-being and gave them a stronger sense of confidence and independence. We see a growing interest in financial programmes and planning for future goals among millennial women and first-time jobbers. Women are rapidly increasing their financial responsibilities, both for themselves and their families, as gender roles are gradually narrowing and women's independence grows. According to the survey, even homemakers are increasingly taking on substantial responsibilities as joint decision-makers in financial investments, particularly for family goals like retirement and children's education.