The survey says that the biggest savings goal for women is their children’s education. (Representational Image)
Around 78% of women surveyed cited cash withdrawal as the primary reason for visiting retail stores for financial transactions.
Awareness of financial services like insurance among women and especially in the 18-35 age group is set to increase to 29% in 2022, but consumption is still less than 1%, says a new study.
In insurance, he gives priority to life insurance and health.
The findings are based on inputs from 5,000 retail stores where women in this age group avail financial transactions.
The survey was conducted by Reserve Bank Innovation Hub, a subsidiary of RBI, which enables frictionless finance and digital payments network PayNearby.
The survey also found that cash withdrawal, mobile recharge and bill payment are the top three services availed by women at such retail stores. Other preferred services include PAN card application, entertainment, e-commerce and travel.
The biggest savings goal for women is their children’s education, with over 68% citing good education for their children as a priority, saving for medical emergencies and buying household electronics.
Cash remains strong, the study says, with nearly 48% of the women surveyed preferring to transact in cash.
At the same time, UPI has seen a good growth in adoption among women with a preference of 5-20%. Credit cards are still poorly remembered and not used by women, says the survey.
According to the survey, more than 75% of retailers said that women in the age group of 18-40 are the most digitally proficient, with more than 60% of them owning smartphones and accessing digital content through them.
Around 78% women cited cash withdrawal as the primary reason for visiting retail stores for financial transactions.
The report further states that more than 74% of women operate their bank accounts on their own, mainly for the purpose of cash withdrawal and cash deposit. Interestingly, for more than 20 per cent, it is their husbands who operate their bank accounts, the study said.
Meanwhile, a report by Anarock said that at least 65% of women respondents in their survey said that they prefer to invest in real estate, followed by 20% in stock markets and 8% in gold. .
The report states that 83% of women respondents are looking at homes priced above Rs 45 lakh. Affordable homes are the least preferred under this price range, the report said. Read more
(With PTI inputs)
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