59% of working women denied financial independence in India

Woower Echo October 29, 2022

The latest survey conducted by TATA AIA revealed that 59% of working women in India are forbidden from making independent financial decisions despite being the family’s breadwinners. The survey was conducted among 1000 respondents aged between 25-55 across 18 states.

This ratio goes up to 65% for women working in tier 3 markets. However, in tier 2 markets, the number of working women with financial independence is much higher owing to their awareness of their rights and positive lifestyle changes.

As per the survey, unmarried women mostly rely on their fathers regarding the financial matters of the family. After marriage, the decision-making power is passed on to the husbands.

As per the statistics, 89% of married women seek their husband’s help to take monetary-related decisions.

For 39% of the women in the survey, financial planning is limited to monthly budgets. Of 42 % of women who have a better comprehension of financial planning, 12% are homemakers.

The survey also indicated that 44% of working women would like to achieve complete financial independence if they were given an option.

The survey revealed that women place their family’s financial security above themselves. 62% of the women feel safe by making fixed deposits in banks.

There is so much focus on women earning income, but the financial independence to choose what to do with the money is overlooked. This situation needs to be changed. For that, women should be aware of their rights to decide what they want to do with their hard-earned money and be given a better understanding of financial planning.

Categories: News
Woower Echo
As a content writer, my objective is to create engaging and informative content. I strive hard to keep my writing concise and easy to read, enabling a broad audience to understand my piece of writing with ease. My career has spanned many years, and I'm still seeking to improve my writing skills. I am grateful to have received an opportunity to work with Woower, an app designed to promote women's empowerment. It permitted me to delve deep into the various problems women, especially working women, encounter. It is my great pleasure to do my bit to assist women in rejoining the workforce after a career break and helping them stand on their own two feet.

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