Working Women Are More Concerned About Income Stability Than Men Post-Retirement, Says Survey

While working women are more financially prudent than men and make savings and investments from their income, 68 per cent of the respondents worry about retirement, according to the Max Life India Protection Quotient Survey (IPQ) 6.0 on Thursday. The survey, conducted in partnership with KANTAR, a global marketing data and analytics company, also reveals that working women are more anxious about income stability and sustaining lifestyle expenses at 66 per cent compared to 63 per cent among men. Additionally, working women focus more on saving for their children’s education and marriage than men and consistently allocate a higher portion of their income towards savings and investments, at 42 per cent of their income, versus men at 41 per cent. Also Read: PFRDA Issues Master Circular For Online Registration Of Atal Pension Yojana The findings also show that women’s ownership of life insurance products rose from 59 per cent six years ago to 73 per cent in 2024; however, the financial preparedness of homemakers has marginally dropped. It shows that more than 7 in 10 urban Indian women are protected by life insurance, driven by a rise in life insurance knowledge and security. According to the survey, working women have surpassed men in life insurance ownership for the first time, with 79 per cent now owning a plan. The financial protection levels amongst urban Indian women have increased from 33 to 41 points over the past six years, surpassing the 40-point mark for the first time. However, homemakers’ financial protection levels dipped from 38 in IPQ 5.0 to 36 in IPQ 6.0, highlighting the need to bolster their economic well-being. In contrast, the working women’s protection quotient increased from 43 in IPQ 5.0 to 47 in IPQ 6.0.

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Gender Gap In Financial Preparedness

Despite a positive trend, the survey highlights a significant gender gap in financial preparedness primarily driven by a disparity in life insurance awareness levels. Urban Indian men take the lead in financial protection at 46 points, surpassing the overall average of 45 points in urban India. Men boast a Knowledge Index of 64, while women lag at 54 points. Women’s financial security remains at 64 per cent, down from the pre-pandemic levels of 65 per cent. Further, the survey highlights that urban women are firmly committed to safeguarding their families from life’s uncertainties. Commenting on the survey results, Max Life CEO and Managing Director Prashant Tripathy, in a press release, says, “As we celebrate International Women’s Day, it is important to reflect on the financial readiness of women. The survey underscores women’s remarkable strides in securing their financial well-being through life insurance investments. However, the survey also highlights the enduring gender disparity in financial awareness. This requires intensive actions to empower women.” The study was conducted in top 25 Indian urban metros, Tier 1 and Tier 2 cities, including Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai, Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Ahmedabad, Bhopal, Pune, Dehradun, Guwahati, Bokaro, Raipur and Tiruchirappalli.