3 out of 10 women consider buying insurance an important step towards financial independence – Study conducted by SBI General Insurance
SBI General Insurance is strengthening #FinancialIndependenceforWomen aimed at educating women on the importance of financial planning. bringing intriguing ideas, a panel discussion and a social media campaign. The survey was conducted to understand women’s perception and understanding of financial independence, examine triggers and barriers 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 to women. For working women, being financially independent can mean making your own financial decisions or being self-sufficient in earning and managing your own money. However, for a housewife, it can mean having financial independence, the freedom, and the ability to spend money when she wants or support herself in an emergency. The SBI General study reveals that financial independence ranks among the top 3 priorities for women. Interestingly, although women associate great importance with financial independence, the majority indicate that they do not earn enough to be financially independent, and so it is not surprising to find in the survey that nearly 50 % do not feel financially independent. Lack of financial independence is most evident in Tier 2 cities and among non-working women. Based on studies, about 33% of women consider “cost of living” to be one of the challenges or barriers to financial independence. On the other hand, 1 in 4 women cite social/family restrictions or lack of direction from home as a barrier. Encouragingly, in the survey, about 53% of women took steps to save and invest, as proactive steps to becoming financially independent. However, only 38% of women reported being insured as a step to being financially independent. Commenting on the survey findings, PC Kandpal, MD and CEO, SBI General Insurance, said, “Today, more and more women in India are focused on empowerment and financial security. However, the study shows that most women are still not empowered, especially in financial areas like investing and insurance. In fact, our study highlights that while women strive to be financially independent, a third of them consider a lack of appropriate information and knowledge about investing and insurance to be one of the contributing factors. ‘attraction. “Only 38% of women said they had taken out insurance to be financially independent, indicating low levels of insurance awareness and penetration. There is a need to give women the information they need to make more informed choices about their finances. Our efforts are centered on this premise, and we will continue to undertake initiatives that make women’s financial independence part of the mainstream discourse,” she added. SBI General proactively supports the importance of #FinancialIndependenceforWomen by raising awareness of the importance of financial planning and educating women on the role of securing their future by choosing the right insurance plan. Along with the survey, the company also hosted a panel discussion, with intriguing discussions, insights and advice from prominent speakers like Shefali Khalsa, Manager – Brand & Corporate Communications, SBI General Insurance, Sudha Menon, Author and renowned columnist with 6 books to her name, Patricia Narayan, Founder, Sandheepa Restaurant Group, KamanaChibber, Clinical Psychologist and Mental Health Manager, Fortis Healthcare, coming from different backgrounds. At the same time, the company is running a digital campaign on its social assets and amplifying the message through engaging content and infographics on social media platforms. Key findings from the survey conducted by YouGov, supported by SBI General to highlight the importance and views of women on financial independence: • Being financially independent ranks among women’s top 3 priorities • 3 in 10 women consider buying insurance as an important step towards being financially independent • As women seek information on the internet for financial planning, family counseling has the greatest influence when it comes to making financial decisions • 53% of women have taken steps to save and invest, however, only 38% of women said they have insured for future emergencies • 82% of women associate “independence and confidence” with financial independence. Other findings from the study include: ) has the greatest influence on their final investment. Women should therefore be encouraged to seek out more information on their own and to make financial decisions independently. • The study highlights that seeking professional help with their finances is rare among women. Even among those who consider themselves financially independent. In fact, according to the study, while only 17% of women had consulted a financial planner so far, a third (34%) of women also reported needing support/advice from finance experts to be financially secure. independent.
• 48% of women view increasing investment and savings as important steps to increasing the level of financial independence. • The majority (77%) of women consider having an individual bank account even after marriage, which is important to be financially independent. • Only 30% women. financial independence linked to emergency prevention The survey was conducted in collaboration with YouGov, among more than 1,000 women aged between 25 and 45, residing in Tier I and II cities across India. It captures information about the top 6 metros as well as the following 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 heritage of SBI, we at SBI General Insurance are committed to continuing the legacy trust and security; and having a vision is to become the most trusted general insurer for a transforming India. Since our inception in 2009, from 17 branches in 2011, we have expanded our presence to over 137 branches all over India. Till date we have served about 8.7 crores of customers. We follow a robust multi-distribution model encompassing bancassurance, agency, brokerage and direct retail channels. On the distribution network front, we have strong distribution partners extending our reach to every nook and corner of India, with SBI’s network of over 22,000 branches, agents, other financial partners , OEM and digital. We currently serve three key customer segments viz. – Retail Segment (Individuals & Families catering), Business Segment (medium and large business catering) and SME Segment; and are future ready to meet the growing needs of Indians with new age processes and services at affordable prices. SBI General Insurance closed the 2020-21 financial year with a Gross Written Premium (GWP) of Rs. 8,312 crore with growth of 22% and the Company’s net profit increased by 32%. The company has shown consistent growth over the past 4 years, while maintaining a positive underwriting track record. Image: Women’s ratio of financial independence PWR PWR
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