The year 2020 was ridden with crisis and uncertainty. But it was a time for women to realise their own power. Many families survived the ill-effects of a tumbling economy just because women started to take control of their wealth. Today, 60% of women realise that taking ownership of their money and financial future is the key to confidence. They get actively involved in financial planning. Even those who were averse to taking risks have now started to invest money. These are the findings of a study conducted by Scripbox, a digital wealth management platform. Their annual report showed a clear improvement in the economic utilisation by women. The number of active women investors has risen by 10 per cent even as women in general continue to save a large portion of their income. Economic uncertainty made them realise the need to decide how to use their money. Previously, such decisions were made by male persons of the family or their partners. 21% of women now manage money independently. The number of women claiming to have equal rights as of their partners has doubled from 33 per cent last year to 67 per cent this year. A secure retirement life has become the No. 1 financial goal of women across India. The most important financial goals of women are retirement, 58 per cent, children’s education 52 per cent, and emergency fund 50 per cent. The biggest goal of unmarried women is to earn money for travel. For 62% of married women, retirement is the biggest goal.
Own home also tops their wish list. 60% of women save more than 20% of their income every month. Of these, 16 per cent save more than 50 per cent of their income. Last year, more women invested in mutual funds and equities than in previous years.
Another piece of good news is the ‘Women in Business 2021’ report. It says in India, 39% of senior management level employees are women. It should be noted that the global average is 31%. This can be seen as a sign of the changing attitude of the business sector towards working women. India ranks third globally in the proportion of women in leadership positions. Philippines and South Africa are in the top two positions. Businesses with at least one woman in the senior management role have risen to 90% globally. But in India it is 98%. In fact, 47% of mid-market businesses in India are run by women CEOs. Being innovative, willing to change, and ready to take risks are the best leadership qualities of 2021. Interestingly, these virtues are present in women in abundance and the time is just revealing it. Of course, the world is moving towards an economic order based on gender equality.
