Editorial Team

The last two years of the pandemic revolutionized women’s financial behaviour. The huge global disruption gave a boost to women’s entrepreneurial streak and encouraged them to take greater financial responsibility. In this journey, a staggering 43% of working women have purchased products under Buy Now Pay Later scheme, thus indicating its quintessential role in making women credit savvy. A whopping 80% of working women are aware of their credit score, highlighting greater credit awareness among both metro and non-metro women.

These were some of the significant findings of the third edition of the #WorkingStree study of working women conducted by IndiaLends, an online marketplace for credit products, in the run-up to International Women’s Day on March 8.

The study which was conducted among 5000-odd working women in the age group of 18-60 (Gen X, Gen Y, Gen Z) residing in tier 1 and tier 2 cities — provided a broad overview of their financial behaviour in terms of spending-saving-investing and their outlook on credit. Additionally, the survey inferred that personal and professional development is a key motivator for most working women at 52%, followed by financial independence at 46%, and economic well-being ranking third at 18%. In terms of personal loans and their ticket size, an astonishing 41% of working women have availed a loan under 1 lakh while nearly 24% opted for a loan between 1 lakh to 5 lakh.

A gigantic 77.2% of working women stated that they are contributing to household income which indicates that more and more Indian families are embracing the fact that women are capable of leading the family. Interestingly the survey stated that 50% of working women are independently making financial decisions. It is clearly evident that women are taking a charge of their finances by being the key decision-makers.

The report also highlights that nearly 39% of working women have at least one credit card. The number resonates with women having a good credit score. Interestingly, 23% of them have two or more credit cards for different purposes – online shopping, travel bookings, fuel purchase, etc. This indicates the increasing credit awareness among women which has resulted in increased usage of different credit cards based on their benefits. BNPL scheme has proven to be a starting step for working women to build their credit scores.

IndiaLends Founder and CEO Gaurav Chopra said, “The #WorkingStree 3.0 survey of working women across India resonates with this year’s theme for International Women’s Day – ‘BreakTheBias’. From fighting stereotypes to taking care of their loved ones, women today are also taking equal to partake in the financial world. The growing credit awareness among women, triggered by the recent BNPL phenomenon will bring more women under the credit gamut and give a rapid boost to India’s consumption demand.”

The report also indicates that after the lockdown nearly 63% of working women spend between 0-25% of their income on lifestyle needs, while 26% of them spend between 26-50% of their income thus indicating women are becoming cautious with regard to spending on lifestyle needs.

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