Retirement planning is not part of Indian women's financial considerations, survey shows

Bajaj Capital Ltd. has unveiled the results of its PAN-India survey on women's investment preferences in India. The survey, encompassing a robust sample size of over 3500 women participants, divulged that systematic investment plans (SIPs) have emerged as the favoured investment option among women. SIPs facilitate regular, fixed investments in mutual funds over time, such as monthly or quarterly, enabling individuals to average out investment costs and leverage the compounding effect. This comprehensive research report delves into the investment behaviour of women in India, highlighting the growing prominence of SIPs as a trusted and efficient investment strategy.

Notably, 42 per cent of the women surveyed expressed a preference for managing their investments independently and digitally, indicating a growing trend towards self-directed investment. Among the various investment options, systematic investment plans (SIPs) emerged as the top choice, with 42 per cent of the respondents favouring this stable asset class for long-term gains. Additionally, the survey highlighted Digital Gold as the next preferred option, garnering 29 per cent of the votes, followed by Equity Investments at 17 per cent and P2P lending at 12 per cent. These insights provide valuable information about the investment landscape for women in India, showcasing their diverse preferences and the increasing adoption of digital investment platforms.

"The findings unequivocally indicate that SIPs have emerged as the preferred investment avenue among women, showcasing their trust in this investment approach. Furthermore, the survey highlights a noteworthy trend among millennial women who are actively seeking digital alternatives and embracing self-managed investments. These findings reflect the evolving investment landscape and the growing financial empowerment of women in India," said Kamayani Aniruddh Nagar, CEO - Wealth at Bajaj Capital Ltd.

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Moreover, the survey unveiled a remarkable trend where an increasing awareness of tax-saving modes and avenues has resulted in more than 75 per cent of the respondents actively investing in tax-saving plans. Conversely, the remaining participants were reportedly unaware of such opportunities. The study further highlighted that despite potentially facing limited funds, women remain steadfast in their dedication to cultivating prudent savings habits and embracing goal-based investment strategies.

"Millennial women, playing a pivotal role in shaping India's digital journey, exhibit a strong affinity for tech-savviness and a distinct preference for digital solutions. Our survey impeccably captures this prevailing trend," affirmed Aabhinna Suresh Khare, Chief Digital and Marketing Officer of Bajaj Capital Ltd.

"The escalating adoption of digital platforms for investment and financial management serves as a resounding testament to the pivotal role of digitalization within the financial industry. It underscores the undeniable significance of digital technology in empowering women and revolutionizing their financial journeys," explained Khare.

The study further illuminated a growing awareness among women regarding the significance of early savings for their post-retirement years. According to the survey findings, a notable 24 per cent of respondents exhibited a high level of consciousness on this matter and have already initiated their saving endeavours.

In contrast, a substantial 58 per cent acknowledged that retirement planning has not yet been factored into their financial considerations. However, there is an encouraging outlook as the remaining 23 per cent expressed their intention to commence retirement planning in the near future, reflecting a proactive approach towards securing a financially stable retirement.

It is evident that women are progressively taking charge of their financial decisions and allocating a dedicated budget towards savings, signifying a noteworthy shift in their financial awareness. This growing consciousness surrounding their financial futures highlights the emerging trend of women embracing financial independence and actively planning for long-term financial stability. With more and more women making informed choices and proactively securing their financial well-being, the survey underscores the empowering trajectory of women's financial journeys.