Financial independence for women in India is shaped not only by income but also by age, affluence, and geographical location, according to a study by DBS and Crisil. The research revealed that having an annual income of Rs 10 lakh, which puts individuals in the top 15% of earners in India, does not necessarily equate to financial independence for women. The study found that most financially independent women are either over 45 years old or earn more than Rs 40 lakh annually. Geographical location also plays a role, with significant disparities observed across cities.

While 47% of women earning over Rs 10 lakh per annum reported making financially independent decisions, the figure dropped to 41% for younger and less affluent women. In contrast, 65% of women aged over 45 claimed to enjoy financial freedom. The study, which surveyed women aged 25 and above with incomes starting at Rs 10 lakh per annum, highlighted the implications of low female participation in the Indian labor force and the persisting gender pay gap.

Financial independence tended to increase with age, potentially attributed to experience and a better understanding of financial products. Affluence was also a key factor, with 58% of women earning Rs 41-55 lakh per annum making their own financial decisions, compared to 38% in the semi-affluent category (Rs 10-25 lakh per annum). This disparity may stem from higher financial literacy and increased access to resources among affluent women.

The study also unveiled regional disparities, with Chennai leading at 72% of women confidently making financial decisions, while Coimbatore had only 31%. Delhi saw 65% of women steering their own financial decisions, whereas Gurugram had a lower rate of 44%. The research delved into financial priorities, revealing variations across regions. While the top priority in the West was owning or upgrading homes (21%), the North prioritized retirement planning (17%). In the East (33%) and the South (28%), children's education emerged as a top priority.

Overall, the study provides insights into the multifaceted factors influencing women's financial independence, offering valuable considerations for policymaking, the financial sector, and society at large.