Women's Day: 5 key reasons why young women opt for digital financial products (2024)

FAQs

What percentage of women are unbanked in India? ›

However, nearly 20 percent of women in India remain without access to a bank account.

An encouraging 98% of salaried and self-employed Indian women actively participate in long-term family decision-making. In fact, the finding reveals about 47% of them make independent financial decisions, a reflection of women's growing financial autonomy.

Between 2014 and 2017, bank account ownership in India rose from 43% to 77% among women (Figure 1). Consequently, the gender gap between bank account holders declined. The gender disparity in financial inclusion reduced from 19.8% in 2014 to 6% in 2017.

Investing in women means ensuring that more than half the global population is not left out of any economy, health program, or development opportunity. Investing in women also means contributing to an educated, healthier, and wealthier generation. Investing in women benefits society as a whole.

59% of women are solely responsible for the financial decisions in their household. 68% of women have never worked with a financial professional. 60% of women are financially independent, and 50% say they are confident in their ability to manage their finances.

Adults with less than a high school degree have the highest unbanked rate of any demographic group at 24%, according to the report. This is also the only demographic group that is more likely to be unbanked than underbanked.

Key Takeaways. Just over half of American women ages 25 and older say they do not consider themselves financially secure, and 77% of low-income women say the same. Nearly half of women report not having an employer-sponsored retirement plan.

New data from YouGov finds that over one-third of partnered women say that they are entirely (15%) or somewhat (20%) financially dependent on their partner. Among partnered men, a quarter say they are entirely (11%) or somewhat (13%) financially dependent on a partner.

This underrepresentation is clear in the world of finance. About 46% of employees in the finance sector are women. However, only 15% occupy executive roles.

However, India's gender or sex ratio favours men as the gender ratio is 106.7 males per 100 females compared to the world average of 101.1 males per 100 females (United Nations Population Division, 2020).

Why is there a gender wealth gap? ›

While the flexible work model is helping more high-earning women stay in the workforce longer (or reduce their hours less), the fact remains overall: Less time in the workforce means fewer years earning and building wealth. The gender investing gap.

“The World Economic Forum (WEF) recently ranked India at 135 out of 146 countries in its Global Gender Gap (GGG) Index for 2022. According to the World Inequality Report 2022 estimates, men earn 82 per cent of the labour income in India, whereas women earn 18 per cent.”

Financial independence offers women the freedom to make life choices without being constrained by economic limitations. It enables them to pursue education, career opportunities, and personal passions without relying on anyone else for financial support.

Women and investing by the numbers. 71 percent of Gen Z women are investing in the stock market, according to a 2023 Fidelity survey, outpacing older generations, with 63 percent of millennials, 55 percent of Gen X and 57 percent of baby boomers, according to a 2023 Fidelity study.

Today, 11 percent of India's adults remain unbanked. And the digital divide between urban and rural India remains a significant challenge. Cash still rules in rural India and cash payments hit an all-time high in March 2022 with a 9.2 percent increase in the cash in circulation.

Women having a bank or savings account in India 2019-2021, by area. As of 2021, India recorded more women who owned a bank or savings account, at approximately 79 percent of women aged between 15 and 49 years.

Source: Global Findex Database 2021. There continue to be a number of barriers to financial inclusion for the 22 percent of adults in India who remain unbanked.

India has the fastest fintech growth with an acceptance rate of 87 per cent compared to 64 per cent globally. However, despite increased internet usage and tremendous growth, 190 million Indians are still unbanked. Secure, technology-based banking services are needed nationwide.