To understand the facts of
women’s participation in personal finances and to study their behavior towards
financial decisions, Saarthi Financial Planners conducted a small survey
fortnight before the Women’s day. The findings of this survey were varied and
we can easily say that women are slowly developing liking for the “Money Matters”.
The Sample Size
The sample survey (110 participants) was
conducted via the social media and conventional emails. It covered the views of
all women from ages 25 – 70 years. The participants were from all across all
occupational background – including Information Technology, Chartered
Accountants, Lawyers, Teachers, Home Bakers, Designers, Pyschologist and even
Medical Practitioners. They formulated the largest mass of the survey at 45%.
The home makers were the second largest group at 22%. There is a small section
(15%) of women working as freelancer (i.e. work from home / contractual
working) at their flexible hours. Beyond this, there were growing numbers of professional
ventures helmed by women –majorly in food and education industry.
The Survey Findings
a)
Out of the total participants, only 62% of the
participants had a monthly budget to manage the house. For the remaining
participants, few never felt a need to have a budget.
b)
A startling 75% of participants need help of
their partners, colleagues or parents to plan their daily household financial
decisions.
c)
Out of 78%, income earning women only 58%
contribute for household expenses. Less than 10% of women prefer to save their
income separately beyond their family goals.
d)
Investment decisions are made by 58% of
participants by discussing with their partners. Around 21% of women make
investment decisions individually. Around 15% of women don’t invest due to lack
of separate funds, lack of time or knowledge.
e)
Capital Market products (Mutual funds, Direct
Shares) are growing popularity with 41% of women having it as preferred
investment. Real Estate and insurance have also caught fancy as attractive
investment options.
f)
Out of total participants, 75% are confident of
managing the home finances independently in case of any adverse situations.
g)
About 68% of women prefer to buy small gifts for
self over splurging money on self.
h)
For mostly all participants, Financial Freedom
is related to free will to spend money without any restriction or probation and
being happy.
We, at Saarthi Financial
Planners, have been regularly speaking about the need for women participation
in the financial decisions. The survey results highlight that women shy away
from taking individual financial decisions. Although, consultation with family is
good practice but learning to make individual decisions is necessary. Also, the
survey highlights a very crucial point that women are good savers but bad
investors. (They don’t grab good investing opportunities). They take their
decisions emotionally and procrastinate when it comes to decisions.
Thank You,
Ami Shah
Saarthi Financial Planners
