59% Of Working Women Rely On Patriarchs To Take Financial Decisions

A recent survey by Tata AIA Life Insurance indicates that there might be an increase in the influx of women in the professional sphere; however, many have still not found their financial independence and freedom. At least 59% of working women still do not take decisions regarding their money.

The survey also pointed out that 44% of the women in the sample were ready to take the step forward to decide where they should spend or invest their money if given the choice.

Correlation Between Marriage & Financial Planning

One of the key highlights of the survey was that 89% of married women were dependent on their husbands to make financial decisions on their behalf. Before marriage, it was their father or patriarch of the family who guided them or made money-related decisions on behalf of the women in the family.

It clearly indicates that the financial power shifts from one man to another. It is assumed that men have the knowledge to make sound decisions when it comes to money. The survey said that the average age of women getting married was between 20 and 22 years in India. They did not have the liberty to make financial decisions.

Financial Planning Restricted To Monthly Budget

The survey findings state that 39% of women were making money-related decisions, but they were restricted to only planning the monthly budget. Of the 42% of women who are financially aware, only 12% of them are homemakers.

The report mentioned that being financially independent and having the freedom to decide on money matters are two different things for working women. At least 59% of working women do not take financial decisions. In the tier-3 markets, the number rises to 65%.

While the government has been introducing many schemes for women's empowerment and has been tightening laws to ensure safety and equality, financial freedom is a whole different conversation that hardly gets addressed. Women are going out, working hard and earning money, but they do not get to decide the flow of their finances.

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Planning For Life Insurance

The only upside of COVID-19 is that 79% of women think life insurance is essential post-pandemic (which we are still striving for). When it comes to deciding on savings plans – term insurance follows life insurance. Many also prefer pension and Unit Linked Insurance Plan solutions.

In tier-2 cities, women are opening up to take responsibility for investing and spending. Lifestyle upgrades and increased awareness have reportedly contributed to this change. 62% of women have also shown their interest in investing in banks with fixed deposits and such.

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But when it comes to speaking about their preferences, they trust their spouses to make the decision and guide them. Hence, it is men again who are driving their flow of money.

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