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Working Women in Telangana Less dependent on men-A survey
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Only 1/3rd of working women in Telangana (36.8%) rely on male members of their family to make financial decisions, which is far better than the national average of 2/3rd (67%).
Hyderabad: Only 1/3rd of working women in Telangana (36.8%) rely on male members of their family to make financial decisions, which is far better than the national average of 2/3rd (67%). Interestingly, 60.3% of these women defined financial independence as “not being dependent on anybody for financial needs”. This highlights a positive trend of increasing autonomy and decision-making power among working women in Telangana, indicating their growing confidence and ability to manage their own financial matters.
A whopping 85% of working women in Telangana are aware of their credit score, and nearly half of them (48%) check their credit score regularly. This percentage exceeds the national average, where 72% of women are aware of their credit scores.These are a few of the findings of the 5th edition of the #WorkingStree survey report released by IndiaLends, an online marketplace for personal loans and credit cards.
The survey explores women's aspirations for entrepreneurship and passive income. Approximately 18.7% of working women in Telangana are planning to start a new business or find ways to generate passive income, indicating a growing interest in financial independence and entrepreneurial endeavours. The report also reveals that enhancing self-confidence is one of the biggest motivators for working women, followed by the need to support families. These factors play a significant role in driving their dedication and commitment to their jobs.
The study also sheds light on their contributions to household expenses. Around 72.5% of the working women in Telangana are making financial contributions, 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, at a national level, 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. With that, 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, followed by 35-44 year-olds at 30.8%. The youngest age group of 21-24 years represented 13.7% of the sample, while those over 45 and above made up about 7.8%. In terms of professions, salaried employees represented the largest group of respondents at 43.6%, followed by self-employed individuals at 31.3%. Homemakers represented 12.3% of the sample, while professional individuals such as CAs and lawyers accounted for 4.4%. When it came to marital status, the majority of respondents were married at 70.6%, followed by singles at 16.4%.
IndiaLends’ #WorkingStree 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.
