DBS Bank India and CRISIL unveil groundbreaking insights in 'women and finance' survey

Hyderabad: DBS Bank India, in collaboration with CRISIL, has released the first report of their comprehensive study titled 'Women and Finance.' This groundbreaking initiative aims to shed light on the financial behaviours of urban Indian women, encompassing aspects like decision-making, goal-setting, and financial management. The study surveyed over 800 women across 10 cities in India, revealing key insights that surpass the conventional norms.

Against the backdrop of a stagnant female workforce participation rate and an enduring gender pay gap, the survey exposes critical insights for businesses, regulators, and financial institutions. The findings highlight the influence of factors like age, income, marital status, dependants, and home location on the financial behaviour of women.

The study delves into investment preferences, showcasing that women in metropolitan areas tend to be risk-averse, with a significant 51 per cent of investments in fixed deposits and savings accounts. Hyderabad emerges as a distinct outlier with a lower risk aversion rate of 43 per cent, and a notable 98 per cent credit card adoption rate among women, surpassing the national average of 82 per cent.

Under banking and payment channels, urban women overwhelmingly opt for digital options, with only 14 per cent preferring cash transactions. The survey reveals that 29 per cent favor UPI, 16 per cent opt for mobile banking, 13 per cent use credit cards, and 11 per cent choose net banking. Hyderabad leads the credit card adoption trend with an impressive 98 per cent, marking a substantial increase from the national average.

Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India, emphasizes the importance of financial stability in the aspirations of independent female earners. The study underscores the evolving role of women as active decision-makers in long-term family planning, with 98 per cent actively participating in such discussions.

Not surprisingly there are regional disparities, with northern cities showcasing a higher financial decision-making autonomy (54 per cent) compared to their southern counterparts (47 per cent). Dependants play a pivotal role, influencing investment priorities. Married women prioritize children's education and healthcare needs (32 per cent), while unmarried women focus on personal aspirations like weddings and vacations (24 per cent).

DBS Bank India, a key player in the country's financial landscape since 1994, expresses its commitment to understanding and supporting the evolving preferences and aspirations of women in India through the 'Women and Finance' study. With 530 branches in 350 locations, DBS aims to contribute to a more equitable financial playing field and empower women in holistic financial management and growth.