There has been a significant paradigm change in the financial sector. According to a recent survey conducted by FinEdge, a tech-enabled investment management company, women's financial independence and awareness have significantly increased after 2020. Women made up 41% of new FinEdge investors in 2023, indicating an increasing trend in their financial literacy and desire for independence.
In honor of International Women's Day in March 2024, the business performed a comprehensive survey with 4,351 female clientele ages 23 to 64.
Harsh Gahlaut, CEO of FinEdge, said, “It is evident from the study that women are not only investing more, but they are also investing smarter. By allocating a higher percentage of their monthly income towards their financial goals, women are taking proactive steps towards securing their financial future and achieving long-term success.”
Priorities for goals: Retirement and the education of one's children come first in goal-based investment, which has become popular among women investors. A startling 44% prioritize saving for retirement, while 35% set aside money for their kids' schooling. Furthermore, 27% of women prioritize their children's marriage, highlighting the diverse approach to financial planning that women take.
Women as early investors: In contrast to popular belief, women take the initiative when it comes to investing; 39.3% of them start in their 20s, and another 41% in their 30s. This early start emphasizes how important it is for young women to invest awareness, laying the groundwork for long-term financial success.
Adaptable and Goal-oriented: Resilient as a group, 71% of FinEdge's female investors exhibit unwavering dedication by holding their investments for more than five years. Their capacity to maintain long-term objectives in the face of market turbulence is indicative of a disciplined investing approach that is motivated by purpose as opposed to rash choices influenced by noise in the market.
Focused and Disciplined Investors: Women outperform males in terms of focus and discipline, with an average SIP (Systematic Investment Plan) amount of Rs 4,483, compared to Rs 3,992 for men. According to the research, this methodical approach highlights women's commitment to reaching significant financial milestones in their lives.
Women invest more for their goals: Women contribute more money to their goals with an average monthly SIP contribution of Rs. 14,347, compared to Rs. 13,704 for males. This is in addition to their higher average monthly investments. This information dispels stereotypes and emphasizes how diligent women are in protecting their financial future.
Methodology: In March of this year, FinEdge carried out the study. 4,351 female clients between the ages of 23 and 64 make up the sample. Clients from the West, East, North, and South are among those participating in the study.
