Most women in India save for family and children, not for own financial security

Family security and children’s education are the primary drivers for Indian women to save, a survey by LXME, a financial platform for women, revealed in its Women & Money Power 2022 report.

Only 1% of the women save for their own retirement, said the report released yesterday (March 7). It was based on a survey of 4,000 women in the age group of 21-45 and across several occupations in metros, tier 2-3 cities.

“(The) survey showcases a strong message on how women are not making their own money decisions. This stems from a lack of financial awareness leading to misconceptions and a fear of investing,” said LXME’s founder Priti Rathi Gupta.

Meanwhile, in terms of saving, too, women are falling behind, the survey showed. A majority of Indian women aren’t even following the golden rule of saving at least 20% of their income.

Another ill-informed fear, that investing is for the rich, turned out to be true among respondents.

“The involvement of women in decision making was average for financial investments and high for purchase decisions like buying a home, car, and more, whereas women had high involvement in the purchase of essential household items, education of children, and planning of holidays,” the findings showed.

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