LXME - India's first financial platform for women - in its Women & Money Power 2022 report suggests that33% women in India do not invest at all and the number is as high as 40% in the 21-25 years age group. Overall 55% women in the country are either not investing or are unaware of their investments.
In association with Axis My India, India's leading consumer data intelligence company, the survey was carried out among 4,000 women across different age groups, life stages and occupations across metros, tier 2&3 cities.It reveals where women stand on money matters and provided a critical overview of their financial awareness, attitude towards saving and investing, key barriers and drivers for making money decisions and involvement in decision making.
Women are considered to be great savers however, LXME's report suggests that 78% women save less than 20% on their income, 56% save less than 10% and 14% women do not save any money. This means majority is not even following the golden rule of saving at least 20% of your income.
Upon segregating the saving habits between working and non-working women, the report finds that 50% non-working saved between 6-20% of their household income in contrast to 45% working women. However, 31% working women saved over 20% of their income as opposed to 13% non-working women.
Among spending habits, the top threecategories where women spend most are groceries, child education fees and personal shopping.