As the world celebrates International Women’s Day, a deeper truth emerges in the economic sector – women are increasingly taking charge of their financial destinies. Findings from an international women’s day study reveal that women in India are now shouldering more responsibility in managing finances, especially concerning loan repayments, than their male counterparts.
Women’s Greater Financial Responsibility
According to surveys conducted by the World Women’s Day initiative, women in India are taking on more financial responsibilities, particularly in timely loan repayments, compared to men. This data sheds light on the evolving roles of women in economic decision-making and highlights their conscientiousness in financial matters.
Insights from the Study
The study conducted on International Women’s Day, using data from the FinTech platform Fybb, underscores the significant role of women in economic decision-making. Women’s proactive involvement in managing finances, coupled with their judicious decision-making skills, is evident in the survey results.
Impact on Financial Landscape
The rise of women actively participating in economic responsibilities is noticeable in various aspects. Over the past five years, there has been a substantial increase in the number of women availing themselves of new-to-credit loans. In 2019, women accounted for 18%, while in 2023, this figure rose significantly to 40%.
Contrast with Male Trends
In contrast, there has been a decline in the number of men availing themselves of loans. The percentage of men availing loans decreased from 82% in 2019 to 60% in 2023, indicating a shifting trend in financial dynamics.
Closing the Gender Gap
The study also reveals that women are more likely to take financial responsibility, with 10% more women actively engaging in timely loan repayments compared to men. This demonstrates a remarkable shift in traditional gender roles concerning financial matters.
As women continue to enter the financial sphere with confidence and competence, their influence on economic decisions is becoming increasingly evident. The proactive involvement of women in managing finances is not only reshaping the financial landscape but also empowering them to take charge of their financial futures. This International Women’s Day, let’s celebrate the strides women are making in economic responsibility and advocate for their continued empowerment in financial matters.
