‘50% of women not financially independent’

Nearly 50 per cent of ladies – principally in Tier 2 cities and amongst non-working girls — don’t really feel financially impartial, in response to a survey.

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About 33 per cent of the ladies finds “cost of living” as one of many challenges or boundaries for being financially impartial, the survey by SBI General insurance coverage stated. One in each 4 girls indicated social or household restriction or lack of steerage from house as a barrier, the survey stated.

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

PC Kandpal, MD & CEO, SBI General Insurance, stated, “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 stated.

In truth, in response to the research, whereas solely 17 per cent girls had consulted a monetary planner to this point, one-third (34 per cent) of the ladies additionally indicated a necessity for assist/steerage from finance consultants to be financially impartial. “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 stated.