A Startling 43% of Working Women Choose BNPL: Report

Women’s financial behavior was transformed during the latter two years of the epidemic. The massive worldwide upheaval fueled women’s entrepreneurial spirit and urged them to take on more financial responsibilities.

. Throughout this trip, a startling 43 percent of working women have purchased things through the Buy Now Pay Later scheme, demonstrating the plan’s essential role in educating women about credit. A staggering 80 percent of working women are aware of their credit score, indicating that credit awareness is higher among both metro and non-metro women.

These were some of the significant findings of the third edition of the #WorkingStree study of working women conducted by IndiaLends, an online marketplace for credit products, in the run-up to International Women’s Day on March 8.

The study which was conducted among 5000-odd working women in the age group of 18-60 (Gen X, Gen Y, Gen Z) residing in tier 1 and tier 2 cities — provided a broad overview of their financial behavior in terms of spending-saving-investing and their outlook on credit. Additionally, the survey inferred that personal and professional development is a key motivator for most working women at 52 percent, followed by financial independence at 46 percent, and economic well-being ranking third at 18 percent. In terms of personal loans and their ticket size, an astonishing 41 percent of working women have availed a loan under 1 lakh while nearly 24 percent opted for a loan between 1 lakh to 5 lakh.

A whopping 77.2 percent of working women said that they contribute to home income, indicating that more and more Indian families are accepting the reality that women may lead the family. Surprisingly, according to the poll, 50 percent of working women make financial decisions on their own. It is apparent that women are taking ownership of their finances by making critical financial decisions.

The report also highlights that nearly 39 percent of working women have at least one credit card. The number resonates with women having a good credit score. Interestingly, 23 percent of them have two or more credit cards for different purposes – online shopping, travel bookings, fuel purchase, etc. This indicates the increasing credit awareness among women which has resulted in increased usage of different credit cards based on their benefits. BNPL scheme has proven to be a starting step for working women to build their credit scores.

Gaurav Chopra, Founder, CEO, IndiaLends, said, “The #WorkingStree 3.0 survey of working women across India resonates with this year’s theme for International Women’s Day – ‘BreakTheBias’. From fighting stereotypes to taking of care of their loved ones, women today are also taking equal partake in the financial world. The growing credit awareness among women, triggered by the recent BNPL phenomenon will bring more women under the credit gamut and give a rapid boost to India’s consumption demand.”

The report also indicates that after the lockdown nearly 63 percent of working women spend between 0-25 percent of their income on lifestyle needs, while 26 percent of them spend between 26-50 percent of their income thus indicating women are becoming cautious with regard to spending on lifestyle needs.