DBS Bank India and CRISIL have collaborated to conduct a thorough study named “Women and Finance” in an innovative attempt to comprehend how urban Indian women prioritise, budget, and manage their finances. The results of the poll indicated that age, income, marital status, having dependents, and place of residence were significant determinants of women’s financial behaviour.

98% of female wage earners in Indian metropolises actively participate in long-term family decisions, demonstrating their growing financial independence, compared to 47% of female wage earners who make autonomous financial decisions. When it comes to making decisions, women—especially those over 45—emerge as leaders, giving top priority to objectives like retirement preparation and children’s schooling. Working Indian women are frequently risk averse when it comes to investing, choosing low-risk products like savings accounts and fixed-rate securities (FDs; 51%). Dependents have an impact on investment behaviour; those with dependents tend to take a more cautious stance. The most popular loan option is a home loan, and women are increasingly choosing digital payment options like UPI. This emphasises how Indian women are becoming more proactive financial planners.

“As seen, the increasing percentage of women making their own financial decisions has had an impact on the traditional financial landscape. In the past, women’s lack of awareness, financial literacy, and understanding was a huge barrier to them taking charge of their finances, but in the current world, things are changing. Women’s position in financial matters are evolving these days, moving more toward autonomy and independence. Financial literacy, social support, and an atmosphere that values women’s participation in decision-making can all help to further advance women’s financial independence. The entire social and economic prosperity of the nation will result from this, according to Palka Arora Chopra, Director of Master Capital Services Ltd.

The report offers an intriguing look at the increasing empowerment of working-class, urban women. The main long-term financial priority of a woman in India changes as she gets older. For individuals in the 25–35 age range, purchasing or upgrading a home is of utmost importance. For those in the 35–45 age range, it moves on to children’s education, and for those over 45, it moves on to medical care. Predictably, those in the 35–45 age range are the ones who are starting to think about retirement planning.

According to Prashant Joshi, Managing Director and Head of DBS Bank India’s Consumer Banking Group, “The survey’s findings underscore the significance of financial stability in the ambitions of self-sufficient female wage earners throughout India.” The fact that modern Indian women own their financial decision-making, have a wide range of borrowing and investing options, and are increasingly using digital media proves that they are not only participants in life, but also creators of it.”

The study also examined in detail how women used various banking and payment methods. Just 22% of people over 45 utilise UPI for online purchasing, compared to 33% of those in the 25–35 age range.