Men, on average, make their own investment decisions, whereas women do not. There are several elements that contribute to the finding that men make more independent financial decisions than women. First, women are less likely to make independent decisions than males since they are more inclined to seek professional help when making investing decisions. Second, men are more likely to have financial decision-making and investing experience, which may give them the self-assurance to act freely. Finally, men are more prone to take chances when investing, which may result in better returns but also in more independent decision-making.
It is often believed that handling money, maintaining funds, and making investment decisions are tasks best left to men. Additionally, it's widely believed that finance is not a woman's best friend. Though at a slower rate than men, women are apparently becoming more involved in understanding and managing not just their personal finances but also those of the household, including their partner.
Key Findings
According to the DSP Winvestor Pulse 2022 research, nearly two out of three men, or 65%, make investing decisions mostly on their own, whereas only 44% of women do.
The study emphasises how men and women have different views while choosing investments.
It was discovered that 40% of men make investing decisions unilaterally or without consulting a professional advisor, compared to 27% of women. Additionally, compared to just 48% of men, 67% of women say they contact their spouse when making investment decisions.
Furthermore, compared to 10% of women, 26% of males consulted their fathers before making an investment.
The survey also found that husbands (21%) play a more significant role than their fathers in introducing women to investing (12 per cent).
While most men claimed to have learned how to invest on their own, 15% of respondents — compared to only 11% of women — stated their fathers had first introduced them to the concept.
Compared to 36% of males, 32% of women sought the advice of a professional financial advisor.
The vice chair of DSP Investing Managers Pvt. Ltd., Aditi Kothari Desai, commented on the findings in a press release, saying, “More women are now confident of making sound investment decisions, but there is certainly a long way to go."
Desai called for fathers to "start talks on money and investing with their daughters at an early age" in order to improve the flaws that women are more often advised on investments by their husbands than by their fathers.
The correct expert investing guidance would go a long way toward empowering women to take charge of their own destiny, he continued.
Goal Orientation
The study discovered that the top priorities for both genders are similar: a higher quality of living, a debt-free existence, a child's education, a dream home, a child's marriage. Compared to males, women have a modest preference for goals that involve children.
However, 45% of women compared to 40% of men responded that one of their top priorities is to pay for their children's education.
In contrast, a higher percentage of men (38%) than women (33%), said they wanted to be debt-free. In addition, 26% of men and 23% of women responded that starting their own business was one of their top priorities, respectively.
When it came to selecting financial advisors, 78% of women and 79% of men said they were gender-neutral.
Fascinatingly, nearly 70% of male and female respondents claimed they would give their sons and daughters different investment advice. Parents' investment strategies would vary, according to 41% of parents, depending on the gender of their child.
According to a poll, 45% of both men and women indicated they had increased their investments since the Covid pandemic, citing increased returns and the simplicity of investing through apps as reasons.
The DSP Winvestor project seeks to empower women by giving them the confidence to make their own financial decisions.
The DSP Winvestor Pulse 2022 Survey was held from October to November 2022 and included six mini-metros (Indore, Kochi, Patna, Chandigarh, Ludhiana, and Amritsar) and four metro cities (Mumbai, Delhi, Kolkata, and Bangalore). The responses ranged in age from 25 to 60.
The poll, according to Kalpen Parekh, managing director and chief executive officer of DSP Investment Managers Pvt. Ltd., would assist the business in better understanding investor demands and assisting clients in achieving their objectives.
"The right professional investment advice would make a significant difference in empowering women to control their own destiny."
There is no doubt that professional investment advice can make a significant difference in the life of a woman. It can assist women in taking control of their lives and making the most of their financial prospects.
Finding the right investment advice, on the other hand, can be difficult. There are many different types of financial advisors, and not all of them are created equal. It's essential to do your research and find an advisor you can trust and who has your best interests in mind.
When looking for an investment advisors, make sure to inquire about their experience working with women. You want to find someone who understands the financial difficulties that women face.
You should also ensure that they are familiar with the types of investments that are best suited to women.
Take the time to build a relationship with your investment advisor once you've found one you trust. Be open and forthright about your financial goals and objectives. Make sure you understand the answers to your questions. The more you understand about your investments, the better equipped you will be to make sound financial decisions.
One of the most important things you can do to secure your financial future is to invest. You can take control of your destiny and make the most of your financial future with the right investment advice.
