 "fintech women budget")
More than 63 per cent of women in India aspire to start their own business, reflecting a strong inclination towards financial independence, according to a study conducted by PayNearby, a branchless banking and digital network. The findings, unveiled in a Pan-India survey report titled "PayNearby Women Financial Index" (PWFI), examined financial transactions of women consumers at over 5,000 retail stores across the country. Bringing forth insights into the financial aspirations and consumption patterns of women in the country, indicating a strong desire for financial independence and self-reliance ahead of International Women's Day.
Additionally, the study found a preference for biometric authentication, with over 95 per cent of female customers Aadhaar Enabled Payment System (AePS) for cash withdrawal.
Speaking on the survey, Jayatri Dasgupta, CMO of PayNearby, said, "To fully unlock its (India) potential, we must equip our women with the tools necessary to integrate seamlessly into this rapidly evolving digital landscape. With the launch of our fourth edition of PWFI, we undertake a comprehensive assessment of our progress and chalk out the roadmap to make women equal participants in Bharat's growth journey."
Top services: Cash withdrawal, mobile recharges, bill payments
Cash withdrawal, mobile recharges, and bill payments emerged as the top three services availed by women at PayNearby retail outlets. Notably, 70 per cent of women held Jan-Dhan savings accounts, primarily used for cash withdrawals, while more than 25 per cent admitted that their husbands managed their bank accounts.
While cash remained the preferred mode of transaction, Aadhaar-led transactions and UPI QR codes appear to be gaining traction, especially among digitally adept women aged 18-40. The report also noted that 41 per cent of women did not use any payment app on their phones.
The most common withdrawal range was Rs 1,000-2,500, while Equated Monthly Instalment (EMI) payments typically ranged from Rs 500-1000.
More From This Section
Top saving goal: Child education
Regarding saving goals, "child education" topped the list, followed by "medical emergency" and "buying household electronic items". More than half the surveyed women (54 per cent) indicated Rs 750-1,000 as their preferred range for monthly savings, while 27 per cent preferred to save more than Rs 1,500.
Online shopping more popular than entertainment
The PWFI report showed that more women (24 per cent) were inclined towards commerce, compared to entertainment (18 per cent).
Within online shopping, the purchase of daily groceries and household items, at 27 per cent, was the most popular, followed by clothing & accessories and home & kitchen items at 24 per cent and 23 per cent, respectively.
Travel bookings and PAN card issuance have also seen significant uptake, indicating women's desire to become self-reliant and financially included.
Growing inclination towards short-term investments
The report also indicated a growing interest in investment diversification, with women showing an inclination towards short-term investments (71 per cent) and exploring alternative avenues such as recurring deposits.
Majority of women (74 per cent) stated that they relied on family members when it came to making decisions on investment, while11 per cent sought guidance from financial advisors.
Insurance awareness and credit access
Despite growing awareness of insurance products, consumption remains low at two per cent among women. However, around 68 per cent of women surveyed showed willingness to take formal credit, citing reasons such as emergency expenses and agricultural needs.
Medical bills, home repairs, and children's education or for agricultural needs such as buying seeds, fertilizers, or equipment were cited as reasons to avail credit.
Alarmingly, the survey revealed that only 16 per cent of respondents were extremely aware of government financial well-being schemes, and 55 per cent were moderately aware. Despite this, around 45 per cent claimed they were benefitting from government-backed initiatives.
"The increasing adoption of newer services such as e-commerce, mutual funds, and fixed deposits signifies a promising trend in rural areas, where women are gearing up to engage in formal economic activities. We aim to empower women with greater autonomy over their savings, investments, and other crucial aspects. Sashakt Naari, Sashakt Desh," Anand Kumar Bajaj, founder, MD & CEO, PayNearby, commented on the findings.
