Mahila Jagat

Half of working women take fin decisions on their own, says survey


Half of working women take fin decisions on their own, says survey
Vipashana V K & Reeba Zachariah
Mumbai:
TNN


Not long ago, most working women were mere signatories to investment products chosen by their fathers or husbands. But now, more than half of them make their own financial decisions. The percentage of women making investment decisions independently has jumped from 37% three years ago to 52%, shows data from Nielsen.
Vinita Shekhar (name changed), a 25-year-old event management professional who has been working for three years, had been relying on her banker father to invest her money . This year, she decided to take charge of her money and draft her own investments, with some advice from her father on tax-saving mutual fund schemes.

Vinita joins the growing number of women professionals who own and manage a host of financial products from the basic recurring deposits to the complicated demat accounts.

This money management by women has been influenced by various factors like increased awareness spread by financial product companies through advertisements and other initiatives, companies educating employees on tax planning and peer encouragement. Internet has also aided women with their investments as it allows them to research and zero in on schemes fit for them.

In comparison, nearly 80% of the men decide on how and where to park their money .Though the percentage of wor king women managing their finances started at a low rate, it has seen a steady rise from 37% n fiscal 2013 to 41% in fiscal 2014 and now to 52% in fiscal 2015, according to Nielsen.

“Women financial advisers have boosted the growth of women making their own investments,“ said Ajit Menon, headstrategy , Tata Asset Management. “The women financial advisers help them draft long erm wealth creation as well as accord for expenses such as children's education.“

Interestingly , women from non-finance background are be coming more proactive with the ir investments. “I'm increasing ly seeing women architects, cre ative professionals, consultants and advertising executives co ming forth to manage their mo ney ,“ said Sujata Kabraji, a wo men-focused financial adviser.

Kabraji said that women play safe with their money , opting for fixed deposits and taxfree bonds. “It takes a while to show them how to build a corpus but once that is done, they are good at it as they are disciplined and practical.“

Financial services industry observers pointed that the proportion of sole decision-makers among working women is significantly higher among single, divorced and widowed.

The rising trend proves that women no longer blindly sign the dotted line-they decide on the financial scheme before subscribing to it. As Harsha Kavin, an executive with a leading IT firm, asks, “I take decisions at work, why not with my finances.“(COURSTEY Mar 25 2016 : The Times of India (Mumbai)

 

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