Working Stree Report Reveals Crucial Financial Trends for Working Women in India

Working Stree survey report conducted by IndiaLends, an e-commerce website for personal loans and credit cards released their findings this month. The survey was conducted online back in February this year. It covered over 10,000 working women in the age group of 21-65.

It must be noted that this survey has been conducted online and in tier-1 and tier-2 cities alone, while about 10% of the respondents belong to Delhi-NCR. Hence, this should not be taken as a holistic financial trend for all working women across the country including smaller cities and rural areas. As the survey was conducted online a large section of working women employed in the informal sector, working low-paying jobs might not have gotten access to the poll.

Contribution to Household Expenses

According to the poll, nationally over 70% of working women contribute to household expenditures, with almost two-thirds, or 67%, of employed women in Delhi contributing. Also in Delhi, over one-third, or 31%, provide more than half of their earnings to their households.

Women in Delhi also stated that 'Financial Independence' is the most important motivator for them to work, followed by a desire to be valuable and confident in themselves. Women gave similar reasons on a national basis, followed by the obligation to support family needs. 

Understanding Personal Finance and Expenses

Nearly half of working women in Delhi, 47%, find it challenging to keep track of their costs on a regular basis. Furthermore, 37% of working women are either unaware of or have never been able to check their credit score.

According to the report, 32% of women in Delhi find it difficult to make financial decisions on savings and investments. This is consistent with the national pattern, as many women throughout the nation continue to rely on the advice of their father, brother, or spouse when making monetary choices. 

When it comes to education about personal finance, Nationally, nearly half of working women learned about personal finance via social media, 30% from news stories, and 20% from workshops and seminars. A very limited amount of women learn about personal finance from professional experts. 

Despite major improvements in women's social status in terms of financial independence, particularly in the twenty-first century, only around one-third of working women polled feel competent in making all of their financial decisions, which suggests that there is still a long way to go in the fight for women's financial independence. 

Survey Details

IndiaLends conducted the Working Stree Survey, which included respondents ranging in age from 21 to 65. The bulk of survey respondents were between the ages of 25 and 34, accounting for 47.7% of the overall sample. At 30.8%, the second largest age group was between the ages of 35 and 44. The youngest age group, 21-24 years old, accounts for 13.7% of the sample, while those over 45 years old account for 7.8%.

Salaried employees made up 43.6% of the overall sample, followed by self-employed persons at 31.3%. Homemakers made up 12.3% of the overall individuals. CAs and lawyers accounted for 4.4% of all professionals. 

Financial know-how and independence are imperative for the empowerment of women. Polls such as the Working Stree survey, uncover the vital financial trends required to assess the monetary situation of women in the country. For instance, even though a large population of women are now working in jobs with decent money-making opportunities, however, many of them still depend on the male members of their households for crucial decisions related to personal finance.

These kinds of surveys can also help policymakers to better prepare legislation which makes for an informed and aware female population with an increased amount of autonomy over their personal finances. This can help alleviate many other social evils like forced marriages and torture for dowries. Moreover, financial independence can provide security and stability for women, which in turn makes a more robust and prosperous society.