19 FEBRUARY2024Understanding Women's Borrowing PatternsHyderabad and Mumbai are the top cities for credit card usage, with 96 percent of Mumbai women relying on them, compared to 63 per cent in Kolkata. 18 per cent of working women avoid credit cards due to trust issues, overspending, and hidden fees. Only 14 percent of them prefer cash transactions, while 29 percent prefer UPI, 16 per cent mobile banking, 13 per cent credit cards whereas 11 per cent use net banking. A smaller percentage prefers debit cards and digital wallets.Home loans are the major loans taken by salaried women, however, half of them have never opted for a loan. 55 per cent of women mentioned they should have enough personal savings, high interest rates, or strict repayment terms as reasons. 95 percent of Urban Women who belong to East India mainly Kolkata prefer public sector bank account ownership. In South India, more than 40 percent of women prefer public sector banks, whereas less than 30 per cent do so in Bengaluru and Chennai. 75 per cent prefer email, WhatsApp, and SMS to interact with banks in case of any inquiry.UPI is preferred by urban women for various payment needs, including money transfers, utility bills, and e-commerce purchases, with 33 per cent under the age group of 25-35 using it for online shopping and above 45 age group making up 22 percent.Contributions to Decision-makingThe report further shows that 98 percent of Indian women, both salaried and self-employed, actively participate in family decision-making, with 47 per cent making independent financial choices. Women over 45 lead the way resulting in 65 per cent and women aged between 25-35 results 41 per cent making independent financial choices.These finds indicate the evolution of women's relationship with finance. No longer are Indian women taking a backseat when it comes to earning money, investing money and borrowing money. They are the decision-makers and creators of a bright future for the country, community and their families.
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