‘50% of women not financially independent’

Nearly 50 per cent of women – mostly in Tier 2 cities and amongst non-working women — do not feel financially independent, according to a survey.

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About 33 per cent of the women finds “cost of living” as one of the challenges or barriers for being financially independent, the survey by SBI General insurance said. One in every 4 women indicated social or family restriction or lack of guidance from home as a barrier, the survey said.

“Encouragingly, about 53 per cent women have taken steps to save and invest, as proactive steps to become financially independent,” the survey said. However, only 38 per cent women have claimed to be insured as a step to be financially independent, it said.

PC Kandpal, MD & CEO, SBI General Insurance, said, “most women are still not self-dependent especially in financial matters like investment and insurance. In fact, our study highlights that while women strive to be financially independent, one-third of the women find lack of proper information and knowledge about investment & insurance, as one of the pulling factors.”

“There is a need to equip women with the necessary information so that they can make more informed choices about their finances,” he said.

In fact, according to the study, while only 17 per cent women had consulted a financial planner so far, one-third (34 per cent) of the women also indicated a need for support/guidance from finance experts to be financially independent. “48 per cent women consider increasing investment and savings as important steps to elevate the level of financial independence. Majority (77 per cent) of the women consider having individual bank account even after marriage, important as a part of being financially independent,” the survey said.

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