Gold and fixed deposits emerge as hot investment options among women: ZestMoney Reports

Reader's Pick

ZestMoney, India’s largest and fastest-growing Buy Now, Pay Later platform today revealed the findings from a customer survey conducted to understand how women are taking to personal finance and investment decisions. The survey was conducted with a sample of 1900 respondents across key metros and Tier II/III cities in India, the majority of whom were Gen Z and Millennials.

According to the survey, 59% of the respondents prefer to invest in gold and fixed deposits and 31% choose Mutual funds and equities as their preferred investment choice. Recurring deposits, real estate, and cryptocurrency were some other go-to options. 

While many studies and surveys look at how men manage their money and investments, this exhaustive survey documents the approach women take to their finances. According to the survey, women not only prefer low-risk options but also invest for the long term. About 93% of the respondents in the survey were either full-time employees or self-employed. 

- Advertisement -

Around 80% of the respondents said that they have set goal-oriented investment targets for 2022, indicating increased awareness among women to take greater control of their personal finance. Long-term investment goals remained a top priority for women with buying a house (25%), securing their kids’ future (23%), and retirement savings (15%) figuring top in the list. Purchasing a car, traveling, and the wedding was among the other goals. 

Commenting on the survey, Lizzie Chapman, CEO & Co-founder at ZestMoney said, “It is interesting to note the survey findings that many digitally-savvy Gen Z and Millennial women are choosing to save and invest in safe and less risky investments such as gold and FDs. They are also open to investing in mutual funds and equity indicating a larger awareness about financial products. This growing trend of women taking charge of their finances will pave the way for their financial independence and inclusion of women in wealth creation. We strongly believe that access to the right information on personal finance can immensely benefit women. We have doubled our efforts over the last year in creating simple, engaging content on personal finances and making it available in vernacular languages too. These are very healthy signs.” 

“Globally we are seeing a trend of the majority of women choosing BNPL over credit cards for simplicity and transparency of pricing. In India, the trend is fast catching up as an increasing number of women choose BNPL to access credit and manage their finances better. Our data indicate that we saw a 143% YoY increase in female customers on our platform last year. This is only expected to grow in the coming years.”, added Chapman. 

As per the survey, 50% of the respondents said they save between 25-50% of their monthly income. 

When asked which is their preferred mode of payment for online shopping, 46% of the female respondents choose EMI/Buy Now Pay Later (BNPL) for flexibility and transparency. Credit and debit cards, cash on delivery were other popular options. 

- Advertisement -

ZestMoney said the company saw Bangalore, Mumbai, Hyderabad, Pune, and Chennai emerge as the top metros with the highest number of BNPL transactions by female customers last year. Surat, Visakhapatnam, Gurgaon, Kanchipuram, and Tiruvallur figured in the top tier-II cities’ list. 

Electronics, fashion, and lifestyle were the top categories that women spend on in Tier 1 cities, whereas women in Tier 2 markets spent on EdTech courses and upskilling.

According to the survey, fashion, home decor, smartphones, and travel are the top categories from which the respondents plan to make purchases in the next 6 to 12 months.

When quizzed on their understanding of personal finance, 55% of them said they have a good understanding of personal finances. 

57% of the respondents said they get guidance on personal finance from the internet and newspapers while 26% relied on family to make investment decisions. The respondents also said they hope to learn more about savings, investment, retirement plans, and budgeting. Other topics on which they wanted more information included insurance, personal and education loans, and credit options available in the market. 

ZestMoney is the largest omnichannel Buy Now, Pay Later platform with 15 Mn registered users across the country. 

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Bank of Japan keeps monetary policy steady, brings new forward guidance on rates

The Bank of Japan kept its monetary policy steady on Thursday but introduced new...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sought...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($239 billion) with...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the first time ever for...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rahul Gandhi...

Jack Dorsey may not appear before Indian parliamentary Panel on 25 February

Twitter CEO Jack Dorsey will not appear before the Parliamentary panel on IT on...

What is the Future of Newspapers in this Digital Age?

The advent of the Internet has revolutionized the way to consume information. This revolution...

The benefits of chatbots in healthcare

The Pandemic has made significant improvements to healthcare services. Industry professionals had to switch...

“New age social media platforms are exploring new ways to monetize creators’ content,”: Akshay Marwah Co-founder of AAFT Online

In an interview with TechGraph, Akshay Marwah, Co-founder & Co-CEO of AAFT Online said,...

AdmitKard draws Rs 10 Cr in Pre-Series A round from a clutch of investors

India-based edtech startup AdmitKard has announced that "It has raised Rs 10 crore in...

5 Things To Know Before Investing In Cardano

Cardano has been a popular choice for crypto investors because of its many attributes....

5 Reasons Learning & Development Is Vital In The Workplace

In today's business climate, developing your employees has become a top priority for employers....

The Best Cities in the World for Casino Tourism

When on vacation, you have endless entertainment options. You can walk on the beach,...

Jack Dorsey may not appear before Indian parliamentary Panel on 25 February

Twitter CEO Jack Dorsey will not appear before the Parliamentary panel on IT on...