Women in rural India exhibit greater confidence in financial management compared to high-net-worth (HNW) women, as per a report by DBS Bank released on Friday. The report highlights a rising trend of financial decision-making among Indian women, especially among female entrepreneurs. Among rural women earners, 76% feel confident in managing finances, surpassing the 67% of HNW women and 58% of female entrepreneurs. However, the report points out that women who do not independently make financial decisions often rely on their spouses or partners for financial guidance.
Confidence in financial management tends to increase with age, particularly among entrepreneurs and HNW women, the report notes. Female entrepreneurs prioritize peer advisory, sector-specific mentorship, investor connections, and guidance on government schemes besides access to capital. Divyesh Dalal, Managing Director and Country Head of Global Transaction Services at DBS Bank India, emphasized the importance of holistic support, mentors, networks, and investor linkages for entrepreneurs to scale their businesses.
In terms of life goals, property ownership is a priority for HNW women (64%) and entrepreneurs (73%), while rural women (73%) focus on children’s education, according to the DBS Bank report. Entrepreneurs prefer digital channels and UPI for bank engagement and digital adoption, whereas rural women lean towards in-person banking due to barriers like app unfamiliarity and connectivity issues. The report also reveals that 46% of women entrepreneurs take career breaks for family or personal reasons, with 39% planning to retire after 50 and 20% expecting to never fully retire.
The retirement expectations of HNW women and rural women exhibit similar trends, the report highlights.
