Home Credit India Reveals Key Financial Empowerment Trends For Women From ‘How India Borrows 2024’ Study
An impressive 46% of women are borrowing to buy consumer durables for their homes—outpacing men in this category
Home Credit India’s How India Borrows 2024 study provides an in-depth analysis of the changing financial behaviour of women in India, highlighting a transformative shift towards greater economic independence and empowerment.
The findings reveal how women, particularly from lower-middle-income groups, leverage credit to fuel their entrepreneurial dreams, invest in education, make key household financial decisions, and enhance their digital financial literacy. Here are the key insights:
- Entrepreneurial Aspirations: Women Investing in Their Dreams
A notable 20% of women are borrowing for business and entrepreneurial ventures, reflecting a rising trend among lower-middle-class women who are taking bold steps to establish and expand their own businesses. This surge highlights their ambition and determination to achieve financial self-sufficiency.
- Prioritizing Education: A Steppingstone to Success
Many women from lower-middle-income groups are opting for loans to finance education, emphasizing their commitment to self-improvement and career growth. Education remains a crucial tool for empowerment and upward mobility.
- Household Decision-Makers: Driving Consumer Durable Purchases
An impressive 46% of women are borrowing to buy consumer durables for their homes—outpacing men in this category. This underscores their influential role in household financial decisions and their focus on enhancing living standards.
- Digital Financial Literacy: A Growing Trend
More women are turning to online platforms for financial education, relying on trusted sources to enhance their understanding of financial matters. This trend reflects a growing confidence in digital learning and a proactive approach to financial decision-making.
Key Takeaway
The How India Borrows 2024 study not only highlights the changing financial landscape for women in India but also showcases their increasing role in driving economic growth. From entrepreneurship and education to household management and digital literacy, women are increasingly taking charge of their financial futures. By fostering an ecosystem that nurtures financial confidence and independence, we can further empower women to achieve long-term economic self-sufficiency and social empowerment.
