Women & finance: Women investors increase with the need to up quality of life

Having a life goal for oneself is so significant. Indian women are starting to seek their own goals and dreams as well. And to fulfill these goals, they’re venturing into financial investments.

As per Bajaj Allianz Life Insurance’s Life Goals Preparedness Survey 2023, Indian women now have an average of 12 life goals, up from five in 2019, where work-life balance, fitness, property ownership & financial security amongst the top.

The rise of “me” along with “we” lifegoals amongst the women segment, provides a broad direction for the BFSI ecosystem for meaningfully catering to the changing aspirations

Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance

Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance, “The rise of “me” along with “we” lifegoals amongst the women segment, provides a broad direction for the BFSI ecosystem for meaningfully catering to the changing aspirations.

Meanwhile, Yes Securities recorded a 75% YoY growth in accounts opened by women investors in FY24 so far (period compared is 1st April 2023 till 31st January 2024 versus same period last year of FY23), and the contribution of women investors in total accounts increased to about 23%. This trend shows a growing confidence, increasing financial awareness and proactiveness among women in managing their finances.

Read more: What women want: Close that gender pay gap in the workforce

The momentum of women investors is on an upswing and interestingly, Yes Securities has seen more women investors opening their account post pandemic since FY21, and this trend is on a steady rise and has continued in FY24 as well.

Within the age spectrum, the highest number of women investors falls between 25 to 40 years old, indicating strong inclination towards investment among millennials. While the overall share of accounts opened by women investors represents 23% of the total, the data reveals an even more encouraging trend: women are not just opening accounts, they are actively participating in the capital markets.

Interestingly, revenue generation data shows that women in their middle to later stages of professional and personal life (41-56 and 57-75 age groups) contribute the most, highlighting their financial acumen and investment prowess.

We’re witnessing a remarkable rise in women investors across the country, particularly in states like Maharashtra and Andhra Pradesh

Anshul Arzare, Managing Director & CEO of Yes Securities India Limited

“We’re witnessing a remarkable rise in women investors across the country, particularly in states like Maharashtra and Andhra Pradesh,” said Anshul Arzare, Managing Director & CEO of Yes Securities India Limited.

“This surge is accompanied by a growing participation from tier 2 cities and younger demographics, specifically those between 25 and 40 years old. It’s a clear indicator that women are rewriting the narrative around financial participation. Indian Equity markets have been largely buoyant post the pandemic and there has also been a rise in financial awareness, coupled with ease of investment due to digitization and improved risk appetite.

“India continues to be the fastest growing major economy, and while this will open various investment opportunities in the long run, there is also an equal need to invest in increasing financial awareness and literacy amongst women to achieve the vision of ‘Viksit Bharat 2047’.”

Lifestyle Preferences

Women are taking control of their dreams in many spheres. And some organizations are aiding them. RevFin, an Indian EV focused advanced digital consumer lending platform, hosted event called Stree Shakti for its female patrons.

They have embraced opportunities in EV financing, transcending traditional gender roles with some of them becoming the primary bread-winners of their households. By emphasizing on the crucial role of financial literacy, I urge women to seize control of their financial destinies for a brighter future

CEO of RevFin, Sameer Agarwal

CEO of RevFin, Sameer Agarwal said, “They have embraced opportunities in EV financing, transcending traditional gender roles with some of them becoming the primary bread-winners of their households. By emphasizing on the crucial role of financial literacy, I urge women to seize control of their financial destinies for a brighter future.”

Similarly, Zypp Electric, an Indian EV-as-a-service platform, plans to deploy more than 2,000 women rider partners in 12 months, marking a significant step towards fostering gender equality and creating empowering opportunities for women in the EV sector. It also plans to deploy 200K EVs in the next 24 months and is expecting industry support to onboard at least 10% i.e. 20,000 delivery partners to be women.

To further encourage women to join as driver-partners, Zypp offers a special joining bonus of INR 2,000, alongside a tailored assurance plan ensuring their safety and support. Zypp Electric has 340 women riders within the company, who benefit from the earnings amounting to more than Rs. 25,000.

Indian women are taking control of their lives by taking care of themselves too. As per a report by DBS Bank, India, in collaboration with CRISIL, female earners in India’s metros prioritize health despite their busy schedules, with 66% undergoing comprehensive health check-ups in the past year. Only 32% dine out or order food more than once a week, while just 24% of women spend more than four hours daily on non-office screen time.

Read more: Women led startups funding falls, what’s new?

32% of married women took 3-5 leisure trips in the past year, which is twice as many as their unmarried counterparts, challenging the myth that married women go for fewer leisure trips than unmarried women. Nearly half of the surveyed women (47%) were generous spenders, who spend more than 70% of their income. The survey findings further reveal that 39% of women from this segment have high credit card spends in discretionary categories namely travel and shopping, compared to the pan-India average of 33%.

The image of Indian women as the martyr of every family must change. It begins with taking financial decisions, traveling more, and, at times, just stepping out of the house.