DBS Bank India and Haqdarshak Unveil Insights on Women's Financial Habits
In the lead-up to International Women's Day, a report by DBS Bank India and Haqdarshak came out with a finding that 90 percent of Indian rural women entrepreneurs save some part of their monthly earnings. The study surveyed 411 women entrepreneurs in rural districts of Madhya Pradesh, Maharashtra, and Rajasthan and 402 were members of Self-Help Groups (SHGs).
Of the 90 percent who are savers, 57 percent save less than 20 percent of their monthly income and 33 percent save 20 percent to 50 percent. Only 5 percent save over half their income, while the rest could not answer as to what part of their income they saved, indicating a need for better planning and financial literacy.
It stressed that 56 percent rural women entrepreneurs favored keeping money as a bank deposit, 39 percent use SHG saving schemes, and 18 percent keep the cash without it being invested. FDs, RDs, and gold schemes were less utilized with only 11 percent and 5 percent usage respectively. Also, 64 percent of the women plough their business profits into their businesses, demonstrating a focus on business growth and expansion.
"Our report provides useful insights to guide programmes to help speed up women's entrepreneurship and overcome barriers to growth", stated Azmat Habibulla, Managing Director and Head of Group Strategic Marketing and Communications at DBS Bank India.
"We seek to propel meaningful conversation and create actionable solutions that close knowledge gaps, and ensure these women have enhanced access to social protection and financial services, ultimately leading to a more equitable economy", said Aniket Doegar, Haqdarshak Co-Founder and CEO.
The report also indicated an inclination towards more financial independence. Approximately 18 percent of rural women entrepreneurs make independent financial decisions, while 47 percent make joint decisions with their husbands. Approximately 24 percent indicated that their husbands make all the financial decisions, and the rest of 11 percent take advice from their immediate or extended family members.
This pattern indicates both advancement and lingering customary patterns, highlighting the continued necessity to empower rural women through increased financial education and available resources.
