March 2nd, 2023, Bhawna Singh
Latest data from YouGov’s Financial Outlook 2023 report shows women in India rank one of the lowest across the globe when it comes to not seeking any help with managing their money.
Women in European markets tend to be most financially able and do not need help with their money. Germany reports the highest number of women saying this (68%), followed by Denmark (65%), Italy (63%) and France (62%).
In India, a majority of urban Indian women claimed they need some kind of assistance to manage their finances, with learning how to better manage their money being the top priority (at 38%).
A third (33%) need help in learning how to plan for future events or understanding how to use investments to grow their money. Slightly fewer need assistance in setting a budget and tracking expenses (30%), planning for their retirement (23%), assessing their finances, and improving their condition (21%).
Comparatively, the areas where a lesser number of women said they require help were in managing debts (20%), understanding if they have the right level of insurance coverage (18%), advice on best mortgage or home owing interest rates (15%) and guidance on loans (13%).
Among the different age groups, women between 35 and 44 years were more likely to say they need help to plan for future events (at 41%) and assess & improve their financial condition (29%), while 25–34-year-olds were more likely to seek help on managing debts (27%) and knowing about best mortgage or home interest rates (22%).
Only one in six (15%) urban Indian women said they do not need any help in managing their money. This belief is similar across age groups, indicating the low level of financial confidence among all generations of women in the country.
Methodology:
The insights in this article are drawn from a recent YouGov global survey on the future financial outlook, specifically, exploring the global outlook for household living standards, changes in disposable income, how consumers are dealing with and managing their finances as a result of the changes and how financial institutions can help and support.
Covering 18 global markets of more than 19,700 respondents, our survey was fielded the week of 11th – 25th October 2022. Data for India was based on a nationally representative sample (aged 18+) of 1,016 respondents out of which 501 were women.