According to a recent Savings Quotient survey by Bankbazaar, a greater number of women are saving and investing in mutual funds as well as new-age digital assets such as cryptocurrency as compared to men. Not only that, more women are focussed on their retirement investments, too as compared to men.
The survey also revealed that about 60 per cent women had mutual fund investments compared to 55 per cent men. For fixed deposits too, the numbers went in favour of women (54 per cent) compared to 53 per cent for men. In matters of crypto and new-age savings tools such as P2P, women led men – 34 per cent against 30 per cent for crypto and 16 per cent against 7 per cent for the latter. Only in matters of direct stock, men led the women (48 per cent against 41 per cent). In terms of savings account too, men lead women (79 per cent against 70 per cent).
Gender-wise, women were more aggressive when it came to retirement, with 60 per cent women saving towards retirement compared to 52 per cent men, the study said. About 68 per cent women said they were working towards a corpus compared to 54 per cent men. Women in the 22-27 years ago group were most grounded about their retirement plans. About 55 per cent women in that age group were looking at a corpus of ₹1 crore or more. About 48 per cent women had a target corpus of ₹1 crore or more compared to 40 per cent men. However, only 15 per cent women had an average target corpus size of ₹2 crore or more compared to 18 per cent men.
The survey covered 1,675 respondents in the age group of 22-45 years from six metros and more than eighteen tier-2 cities. The majority of the participants (78 per cent) were from the metros and the rest from the non-metros.