Women want their part in Viksit Bharat: IndiaLends survey use image embeded in this msg
FinTech BizNews Service
Mumbai, March 5, 2024: Ahead of International Women's Day, IndiaLends, a leading online marketplace for credit products, unveils the 6th edition of its annual #WorkingStree report. This year's survey, themed "Women Entrepreneurship and Investments," delves into the aspirations and realities of working women in India, painting a remarkably progressive picture compared to the 5th edition of the #WorkingStree survey, which focused heavily on "financial independence."
This year, IndiaLends surveyed over 10,000 working women aged 24-55 across metros, tier 1, and tier 2 cities. A whopping 76% of respondents expressed a desire to start their own businesses. This entrepreneurial spirit signifies a growing ambition and a commitment to take charge of their financial futures.
Not just this, 86% of working women expressed a desire to learn and upskill themselves in areas like budgeting, investing, saving, and other financial instruments. This growing financial literacy is crucial for women to navigate the complexities of finance, both as investors and entrepreneurs.
Beyond the statistics, the #WorkingStree survey also revealed stories of women entrepreneurs taking charge. A noteworthy finding is that 68% of women entrepreneurs manage their company accounts independently, demonstrating their competence and self-reliance, and only 32% of women are dependent on their professionals/husbands/family members for this.
The survey also aimed to understand working women’s investing behaviour. It was found that 68.7% of businesswomen/entrepreneurs invest their money, but only 51% of salaried women invest their money. Interestingly, it was found that of the women investing their money, 79% of women invest their money themselves. The remaining 21% of women get help from their partners or parents.
When asked for their reasons for not investing, 25% of women are not making investment decisions themselves due to a lack of confidence, and 29% cite a limited understanding of financial instruments as a barrier.
Ankit Khurana, Chief Marketing Officer of IndiaLends, expressed, "The results of the #WorkingStree survey are truly inspiring. Witnessing that 76% of women aspire to start their businesses fills me with immense pride. This is proof of changing times and shows how today's women are ready to take charge of their finances. I believe that by supporting women's entrepreneurial journeys, we can ensure a stronger and more prosperous nation for generations to come."
“I’m a marketer turned content creator, and I must admit that when I started out, I was very intimidated by the thought of doing my own business expenses.
However, over time, I’ve focussed on learning quickly whilst I took my husband's help. Not because I can’t ask my husband for help but because knowing my finances inside out helps me make better business and life decisions. Kudos #workingstree6.0!!,” said Manmeet Bhatia, 37, Content Creator.
The majority of IndiaLends’ #WorkingStree survey respondents were in the 25-34 age group, representing 33.6%of the total sample, followed by 35-44-year-olds at 25.6%The youngest age group of 18-24 years represented 22.3% of the sample, while those over 45 and above made up about 18.5%. In terms of professions, salaried employees represented the largest group of respondents at 44.5%, followed by self-employed individuals at 31.3%. Homemakers represented 12.3% of the sample, while professional individuals such as CAs and lawyers accounted for 4.4%. When it came to marital status, the majority of respondents were married at 67.2%, followed by singles at 20.5%.
