Women’s Day 2024: 86% of working women desire to learn financial skills, finds survey

IndiaLends, a digital lending platform, unveils the 6th edition of its annual #WorkingStree report.

A whopping 76 percent of respondents expressed a desire to start their own businesses, in a survey conducted among over 10,000 working women aged 24-55 across metros, tier 1, and tier 2 cities by IndiaLends, a digital lending platform. This entrepreneurial spirit signifies a growing ambition and a commitment to take charge of their financial futures.

Ahead of the International Women's Day, IndiaLends unveiled the 6th edition of its annual '#WorkingStree' report. This year's survey, themed "Women Entrepreneurship and Investments", delves into the aspirations and realities of working women in India.

Key takeaways

According to the report, 86 percent of working women expressed a desire to learn and upskill themselves in areas like budgeting, investing, saving, and other financial instruments. “This growing financial literacy is crucial for women to navigate the complexities of finance, both as investors and entrepreneurs,” said Ankit Khurana, Chief Marketing Officer of IndiaLends.

The survey also aimed to understand working women’s investing behaviour. It was found that 69 percent of businesswomen or entrepreneurs invest their money, but only 51 percent of salaried women made investments. Interestingly, it was found that among the women investing their money, 79 percent decide themselves, whereas, the remaining 21 percent of women seek help from their partners or parents.

When reasons were asked for not investing, 25 percent of the women respondents cited a lack of confidence, whereas, 29 percent pointed towards their limited understanding of financial instruments.

Also read | Women’s Day 2024: Ennette Fernandes — from research analyst to fund manager

Sample for survey

The majority of IndiaLends’ #WorkingStree survey respondents were in the 25-34 age group, representing 33.6 percent of the total sample, followed by 35-44-year-olds at 25.6 percent. The youngest age group of 18-24 years represented 22.3 percent of the sample, while those aged 45 and above made up about 18.5 percent.

In terms of professions, salaried employees represented the largest group of respondents at 44.5 percent, followed by self-employed individuals at 31.3 percent. Homemakers represented 12.3 percent of the sample, while professional individuals such as CAs and lawyers accounted for 4.4 percent. When it came to marital status, most respondents were married at 67.2 percent, followed by singles at 20.5 percent.