Women in Tier-II cities break more glass ceilings, reveals IndiaLends survey
The IndiaLends #WorkingStree Survey reveals women in Tier-II cities are taking more loans to fund their businesses than those in metro cities.
The entrepreneurial streak and the ability to break the glass ceiling is higher among women in Tier-II cities than their counterparts in metros, a survey reveals. A little over 22 percent of women in Tier-2 cities take loans to fund their businesses compared to 12 percent in the metros.
While an impressive 77 percent of women in both segments contribute to household income, women in Tier-II cities contribute a higher share of income. Interestingly, when it comes to spending, women in Tier-II cities rank household expenses as top priority, while women in metro cities give top priority to lifestyle and travel expenses.
The IndiaLends survey reveals that more women in Tier-2 cities were taking their own financial decisions.
These were some of the significant findings of the second edition of the #WorkingStree survey of women borrowers conducted by IndiaLends, an online lending platform, in the run-up to International Women’s Day which was celebrated on March 8.
The survey — which was carried out among 8,500 working women in the 25-40 age group in both metro and non-metro cities — provided a broad overview of their personal and financial goals, as well as their health and leisure spending habits.
Additionally, on one hand, the survey revealed that 28 percent of working women in Tier-II cities relied on their spouses for financial guidance compared to 19 percent of working women in the metros. But it was also noted that women are increasingly taking over the financial reins, with around 66 percent women in metros and 48 percent women in Tier-II cities saying that they take their own financial decisions.
In other findings, 28 percent of respondents utilised nearly 45-50 percent of their salary for investment, with tax-saving instruments such as mutual funds (ELSS) and PPF being their preferred modes of investment. When it came to applying for loans, the primary reasons they listed were additional capital for business, weddings, home renovation and purchase of electronics and gadgets. Interestingly, 58 percent of all respondents were aware of their credit scores.
In the area of health and leisure, it was noted, however, that health was not a top priority for a majority of women, with over 50 percent women going for a health checkup only when the need arises. Only 18 percent women responded that they could manage to take out time every day in a week for their fitness and health.
When it came to spending on leisure and personal care, women in both metros and non-metros said that they spent 25-30 percent of their income on food, entertainment, gym, salon visits etc.
IndiaLends Founder and CEO Gaurav Chopra said, “The #WorkingStree 2.0 survey of working women across India resonates with the UN’s theme for this year’s International Women’s Day — I am Generation Equality: Realising Women’s Rights — which aims to advance gender equality by removing the multiple obstacles they face both in their personal and professional lives."
"Our extensive survey reveals how women in metros and Tier-II cities are becoming more and more financially aware and independent, it also tells us ways in which we can help them overcome barriers vis-à-vis jobs, finance, decision-making and spending. Using the insights we garnered from this survey, we will work towards creating a financially inclusive and supportive environment that gives both salaried and self-employed women greater freedom to make their own financial choices — and eventually enable them take charge of their lives,” he added.
IndiaLends is a leading provider of personal loans and credit cards.
(Edited by Kanishk Singh)