A new survey conducted by IndiaLends found that 36.8% of working women in Telangana rely on male family members to make financial decisions, which is better than the national average of 67%. The survey also found that 60.3% of these women define financial independence as not being dependent on anyone for financial needs, indicating a positive trend of increasing autonomy among working women in Telangana.
The survey also revealed that 85% of working women in Telangana are aware of their credit score, and 48% of them check their credit score regularly. This percentage exceeds the national average, where only 72% of women are aware of their credit scores.
Approximately 18.7% of working women in Telangana are planning to start a new business or generate passive income, indicating a growing interest in financial independence and entrepreneurship. The study also found that enhancing self-confidence is one of the biggest motivators for working women, followed by the need to support families.
Around 72.5% of working women in Telangana are making financial contributions to household expenses, with 31% contributing more than 50% of their income. Nationally, 90% of working women contribute to household expenses, and nearly 40% are contributing more than 50% of their income.
The survey also found that nearly half of working women were learning about personal finance from social media, about 30% from news articles, and 20% from workshops and seminars, followed by professional experts. However, only 1/3rd of working women felt confident in making all their financial decisions.
The majority of survey respondents were in the 25-34 age group, representing 47.7% of the total sample. Salaried employees represented the largest group of respondents at 43.6%, followed by self-employed individuals at 31.3%. The survey was conducted online in February 2023 and covered 10,000+ working women in the 21-65 age group residing in top metro, Tier-1 and Tier-2 cities, with about 10% residing in Telangana.