How India's Young Women Are Owning Their Finances Like Never Before

Women are now increasingly taking control of their money and financial choices. They are taking part in the financial industry by showing interest in investments and financial planning. According to a recent report, mutual funds are the top investment choice among women. The data is also significant because the investment rate is higher among young women aged 18-26 years. Gone are the days when women were afraid of or restrained from making financial decisions. It's a new era of making new choices. 

As per the report, 66 per cent of women aged 18-26 have invested in mutual funds. Systematic Investment Plans (SIPs) were the most preferred mode of investment as 49 per cent of women invested in terms of SIPs while 25 per cent of them preferred both SIPs and lump sum investments. 

Women Are Taking Charge Of Their Investments 

Among the women in the age group 27-34 years, 60 per cent plan to increase their money allocation to mutual funds in the next five years. 

This is not it. The data also found that women are now taking charge of the financial decisions of their families too. 71 per cent of women investors participate in the decision-making and financial planning at their homes. The report also showed that women are now breaking the stereotype that their gender is not aware of financial planning. The data tells us that 49 per cent of women were more aware of mutual funds as against only 26 per cent of women who were unaware of mutual funds. 

The data compels me to ask those who delink women from money- who says women are not born to handle money? Who says women cannot understand financial terms? Just look at the data once and clear your mindset. 

Why The Data Is Significant

The increasing participation of women in the financial industry shows that women are now earning and saving money. They understand the importance of financial independence in life. Women are refusing to depend on others for their financial needs- today or tomorrow- and this is clearly shown by the huge percentage of young women among women investors. This sets a new trend among women of defying stereotypes and taking control of their lives through financial empowerment. 

This further portrays the need to change the way we raise our girls. Girls should be told about investment and saving at an early age. Kitchen duties are not all that women need to survive in life. Financial independence and cleverness are also equally important for the well-provided life of a woman. It is high time parents understand this and instil it in the upbringing of the girls.  

Views expressed are the author's own.