New Delhi, October 31: Given that gender pay gap is still high in India, being financially independent isn’t beyond the bounds as many women may think. A recent survey reveals that more and more women are becoming active money savers, preferring to grow their savings through various investment instruments.
Nearly 58 per cent of women prefer to park their money in either fixed deposits, public provident fund, or just letting it lie in their savings account. Besides, 6 per cent choose to buy gold, while 15 per cent pick mutual funds, according to a survey by an online investment platform Scripbox, which surveyed 400 women during the first two weeks of October 2019.
But what is the right amount of money to set aside from the monthly income for future use? While 35 per cent of women polled said they save between 10 and 30 per cent, 10 per cent save more than 50 per cent, and 25 per cent are able to save nearly 10 per cent of their monthly income after deducting expenses.
Further, 28 per cent of the women surveyed said they were confident of their approach to financial planning and meeting their life goals, 15 per cent preferred leaving financial planning matters in the hands of one of their family members, and 44 per cent of women said that they would welcome additional help in financial planning.
For many, especially individuals who live paycheck-to-paycheck, saving or investing money can often become daunting. Financial planners here opine that an individual should set aside their monthly income for investment or savings according to his/her goals — short term (upto 2 years), mid-term (between 5 and 10 years) and long term (more than 10 years) — and choose investment instruments, accordingly.
In the survey, nearly 36 per cent said creating an emergency fund is their top agenda, while 28 per cent set aside money for their children’s education, and 26 per cent set aside money for building a retirement corpus. Nearly 44 per cent polled said that having easy access to their money when they need it is a top requisite.