Working Women More Financially Secure Than Men During COVID-19: Survey As per findings of Max Life India Protection Quotient 3.0 (IPQ 3.0), women's term insurance awareness and knowledge index stood at an impressive 64 per cent and 55, respectively

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

In the backdrop of COVID-19, increasing financial vulnerabilities of individuals and communities, working women have emerged more financially resilient than working men, shows a new survey.

As per findings of Max Life India Protection Quotient 3.0 (IPQ 3.0), women's term insurance awareness and knowledge index—which refers to the degree to which one is aware about life insurance products—stood at an impressive 64 per cent and 55, respectively.

In comparison, working men's awareness stood lower at 62 per cent, whereas knowledge index only a notch up at 57.

Interestingly, women's knowledge index has improved significantly by 11 points in comparison to last year.

"A combination of increased awareness and ownership registered an increase in their (women's) overall protection quotient which stood at 39 for working women now, a significant improvement from 34 as per IPQ 2.0 survey, and almost at par with the protection quotient for working men which stood at 40," the survey stated.

"For the first time, working women have displayed higher awareness of term insurance than working men, and were comparatively more perceptive of the ability of their term insurance cover to ensure complete financial protection," said Aalok Bhan, director and chief marketing officer, Max Life Insurance. "In a day and age where women are increasingly becoming the financial decision makers, it is heartening to observe this trend."

Women Increasingly Prioritising Savings and Financial Planning

Women are prioritizing savings and investments over discretionary spending as these two components together constituted 52 per cent of income for working women, as per IPQ 3.0. After savings and investments, basic expenses made up 39 per cent of total income, followed by luxury expenses at 9 per cent.

The survey also shows that with a sense of increasing worries and reducing security in the view of the pandemic, working women are motivated about financial planning. As much as two-third women respondents said they are proactive about financial planning now, almost at part with 70 per cent working men.

As the pandemic has squarely brought the focus on the importance of fitness, IPQ3.0 shows women have prioritised their own and family's health. A sizable 74 per cent working women as opposed to 72 per cent working men said they actively look for products that will improve immunity and 73 per cent working women said they pay attention to health and fitness regime.

Corporates are also now taking the lead to ackowledge the critical role of women in their organisation and are working towards reducing pay gap. Hindustan Power recently announced three awards dedicated to its female employees for the first time to acknowledge the efforts of women associates who have been working in different functions and contributing to the company's growth.

Wavy Line
Shipra Singh

Entrepreneur Staff

Freelance Journalist

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.

Related Topics

Business News

After Being Told They Could Work From Home Forever, Employees Made Major Life Changes. Then, a New CEO Ordered Them Back to the Office.

Farmers Group CEO Raul Vargas is facing backlash for the change, but he says being in the office brings more "collaboration" and "innovation."

Growing a Business

14 Easy Ways to Rank Your Website Higher on Google

Despite Google's algorithm and regular updates, you can quickly boost your website's ranking with these tips.

Growing a Business

How to Grow Your Business With Social Media

Miriam Fried, owner of MF Strong, shares why a solid online presence, including social media and Yelp, is important for starting a business and achieving continued growth.

Leadership

5 Traits and Characteristics of Successful Entrepreneurs in 2023

Entrepreneurship has become the new trending topic in the business world. In 2023, the entrepreneurial world is expected to flourish more than ever, and it will take a certain set of skills to be a successful entrepreneur. This article highlights what it takes to be a successful entrepreneur in 2023.

Growing a Business

Why Failure Is Crucial To Success

The best of the best fail. It's how you respond that leads to success.

News and Trends

Attron Automotive Raises INR 4.75 Crore Funding

The company plans to use the funds to support its key growth initiatives, including the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies