In what could help policymakers increase awareness about insurance in small cities, a survey by SBI general insurance of over 1000 women across tier 2 cities has found that seeking professional help for their finances is rare among women. Even among those who consider themselves as financially independent. In fact, according to the study, while only 17 per cent of women had consulted a financial planner around 50 per cent feel they are not yet financially independent.
Although women do associate a high level of importance with financial independence, majority indicate that they do not earn enough to be financially independent, and it's, therefore, unsurprising to find in the survey that nearly 50 per cent do not feel financially independent. The lack of financial independence is more evident in Tier two cities and amongst non-working women.
About 33 per cent of the women find “cost of living” as one of the challenges or barriers for being financially independent. On the other hand, one in every women indicate social / family restriction or lack of guidance from home as a barrier, the study revealed.
Encouragingly, in the survey, about 53 per cent of women have taken steps to save and invest, as proactive steps to become financially independent. However, only 38 per cent of women have claimed to be insured as a step to be financially independent.
The study also found that three in 10 women consider buying insurance as an important step towards being financially independent.
“Only 38 per cent women have claimed to have insured themselves to be financially independent, signalling low levels of awareness and insurance penetration. There is a need to equip women with the necessary information so that they can make more informed choices about their finances. Our efforts are centred on this premise, and we will continue to undertake initiatives that make financial independence for women a part of mainstream discourse”, according to P C Kandpal, MD & CEO, SBI General Insurance.
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(Published 10 March 2022, 14:50 IST)
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