3 in 10 Women Consider Buying Insurance as an Important Step towards being Financially Independent
SBI General, one of India’s leading General Insurance companies, underlined the importance of financial independence for women through a holistic campaign which includes a survey bringing intriguing insights, panel discussion and campaign on social media. The survey was conducted to understand the perception and understanding of financial independence amongst women, examine the triggers and barriers to being financial independent.
How women relate to Financial Independence
Being financially independent is a crucial goal for all of us, however, the notion of the same is subjective and can mean different things, especially for women. For working women, being financially independent may mean making her own financial decisions or being self-sustained by earning and managing their own money. However, for a homemaker, it may mean having monetary independence, freedom and the ability to spend money whenever they want or sustain themselves during emergencies.
SBI General’s study reveals that being financially independent ranked among the top 3 priorities for women.
Interestingly, 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 its therefore unsurprising to find in the survey that nearly 50% do not feel financially independent. The lack of financial independence is more evident in Tier 2 cities and amongst non-working women.
Basis the studies, about 33% of the women find “cost of living” as one of the challenges or barriers for being financially independent. On the other hand, 1 in every 4 women indicate social/family restrictions or lack of guidance from home as a barrier.
Encouragingly, in the survey, about 53% women have taken steps to save and invest, as proactive steps to become financially independent. However, only 38% women have claimed to be insured as a step to be financially independent.
Commenting on the insights from the survey, PC Kandpal, MD & CEO, SBI General Insurance, said, “Today more and more women in India are focusing on being self-dependent and financially secure. However, the study shows, most women are still not self-dependent especially in financial matters like investment and insurance. In fact, our study highlights that while women strive to be financially independent, one-third of the women find lack of proper information and knowledge about investment & insurance, as one of the pulling factors.”
“Only 38% women have claimed to have insured themselves to be financially independent, signaling 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 centered on this premise, and we will continue to undertake initiatives that make financial independence for women a part of the mainstream discourse,” she added.
SBI General is proactively supporting the importance of #FinancialIndependenceforWomen by raising awareness around the importance of financial planning and educating women on the role of securing their future by opting for the right insurance plan. Apart from the survey, the company has also hosted a panel discussion, with intriguing discussions, views and guidance from eminent speakers like Shefali Khalsa, Head – Brand & Corporate Communications, SBI General Insurance, Sudha Menon, renowned author and columnist with 6 books to her name, Patricia Narayan, Founder, Sandheepa Group of Restaurants, Kamana Chibber, Clinical Psychologist & Head – Mental Health, Fortis Healthcare coming from different walks of lives. Alongside the company is driving a digital campaign on its social assets and amplifying the message through interesting content and infographics across social media platforms.
Key findings of the survey conducted by YouGov, supported by SBI General to underline the importance and views of women on being Financially Independent:
Being financially independent ranks in top 3 priorities of women
3 in 10 women consider buying insurance as an important step towards being financially independent
While women seek information from the internet for financial planning, family guidance had highest influence when it comes to making any financial decisions
53% women have taken steps to save and invest, however, only 38% women claimed to have insured themselves for future emergencies
82% of women associate ‘independence and confidence‘ synonymous to Financial Independence
Other findings of the study include:
While women seek information around finance and investing across multiple media channels (online and offline), family guidance (22%) has the highest influence on their ultimate investment. Women therefore need to be encouraged to find more information on their own and take their financial decisions independently
The study highlights 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% women had consulted a financial planner so far, one-third (34%) of the women also indicated a need for support/guidance from finance experts to be financially independent.
48% women consider increasing investment and savings as important steps to elevate the level of financial independence
Majority (77%) of the women consider having individual bank account even after marriage, important as a part of being financially independent
Only 30% women related financial independence with pre-empting emergencies
The survey was conducted in collaboration with YouGov, with over 1000 women in the ages of 25-45, residing in Tier I and Tier II cities across India. It captures insights from the top 6 metros, as well next 20 cities, including mini metros such as Ahmedabad, Lucknow, Pune and cities like Agra, Jaipur, Indore, Bhopal, Kanpur, Nagpur, Vadodara, Surat, and Chandigarh.
About SBI General Insurance Company Limited
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have a vision is to become the most trusted general insurer for a transforming India.
Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to over 137 branches pan-India. Till date, we have served around 8.7 crore customers.
We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, Agents, other financial, OEM and digital partners.
We currently serve three key customer segments viz. – Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.
SBI General Insurance closed the financial year 2020-21 with a Gross Written Premium (GWP) of Rs. 8312 crore with a growth of 22% and net profit of the Company grew by 32%. The company has shown steady growth for the past 4 years, while maintaining positive track record of underwriting.