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Report claims 63% of women are seeking entrepreneurial opportunities on International Women’s Day

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International Women’s Day: 63 per cent women seek entrepreneurial avenues, claims report

On International Women’s Day, a report revealed that a significant 63 per cent of women in India aspire to start their own business, emphasizing a strong desire for financial independence and self-reliance. This data was shared as part of the PayNearby Women Financial Index (PWFI) report, which analyzed the financial consumption by women at retail stores. The survey included over 5,000 retail stores across the country, recording the financial transactions of women consumers.

The fourth edition of the PWFI report offers a detailed analysis of women’s consumption at retail stores during the 2023-24 period. The report highlighted the preference for biometric authentication, with over 95 per cent of female customers choosing AePS for cash withdrawals. While cash remains the preferred mode of transaction, digital transactions using Aadhaar-led transactions and UPI QR codes are gaining popularity.

Interestingly, women aged 18-30 and 31-40 are the most digitally adept, showing a strong inclination towards financial transactions. However, 41 per cent of women mentioned that they do not use any payment app on their phones. The report also indicated that cash withdrawal, mobile recharges, and bill payments are the top three services availed by women at PayNearby retail outlets.

When it comes to investment decisions, 74 per cent of women rely on their family members, while 11 per cent seek guidance from financial advisors. The report also noted that 16 per cent of women are extremely aware of various government schemes related to financial well-being, with an impressive 45 per cent availing benefits from such initiatives. Despite growing awareness of insurance products among women, consumption remains low at 2 per cent.

The PWFI report also highlighted the increasing adoption of online commerce and online entertainment among women, with travel bookings and PAN card issuance witnessing significant uptake. This data showcases women’s desire to become financially independent and self-reliant in today’s evolving financial landscape.

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