SRINAGAR: Women in India are increasingly taking charge of their financial decisions, with 69 per cent of female entrepreneurs identifying themselves as primary decision-makers in financial matters, according to a new report released by DBS Bank India in partnership with Deloitte Touche Tohmatsu India LLP.
DBS Bank India has unveiled the latest report from its ‘Women and Finance’ series, with Deloitte Touche Tohmatsu India LLP as the research partner.
The report, Money Matters: Mindsets, Financial Agency and Behaviour Across Life and Career Stages, draws on responses from 1,342 women surveyed across North (23 per cent), South (36 per cent), East (14 per cent) and West (27 per cent) India. The respondents include female entrepreneurs, High Net Worth (HNW) women and rural women earners.
The study builds upon DBS Bank India’s Women and Finance research introduced in 2024. The series comprises four reports capturing insights from women across different segments. It explores their autonomy in financial decision-making, key life goals, preferences in engaging with banks and digital financial applications, and their perspectives on career breaks, work-life balance, retirement planning and long-term financial preparedness.
Data from the survey indicates that financial decision-making increasingly rests with women themselves. Among the female entrepreneurs surveyed, 69 per cent identified themselves as primary decision-makers in financial matters. The figure stood at 60 per cent among rural women earners and 58 per cent among HNW women. The trend becomes stronger with age, particularly among HNW women and female entrepreneurs.
Global connectivity has emerged as a key factor for many urban Indian women when selecting a banking partner. Among female entrepreneurs, 89 per cent cited a bank’s international network as influencing their decision. The preference is also reflected among HNW women, with 84 per cent viewing an institution’s global footprint as an important factor. Around 81 per cent of female entrepreneurs and 80 per cent of HNW women surveyed already bank with global institutions.
The study also indicates that capital is not the only requirement for business growth among female entrepreneurs. About 44 per cent value peer advisory and networking, 40 per cent seek sector-specific mentorship, 33 per cent want stronger investor connections to access growth capital, and 22 per cent look for support in government schemes, eligible grants or pitch competitions.
Divyesh Dalal, Managing Director and Country Head, Global Transaction Services, Corporate Banking, Financial Institutions and SMEs, DBS Bank India, said the findings highlight the growing importance female entrepreneurs place on institutional credibility and global connectivity when selecting a banking partner.
He said the report reflects the value entrepreneurs place on trusted partners that can support cross-border ambitions, offer access to global markets and connect them to wider business ecosystems.
The report also examined confidence levels in financial management. About 76 per cent of rural women earners reported feeling confident or very confident about managing finances, compared with 67 per cent among HNW women and 58 per cent among female entrepreneurs. Among women who do not independently make financial decisions, reliance on trusted relationships remains common. Around 55 per cent of HNW women and 50 per cent of female entrepreneurs turn to their spouse or partner for financial advice, while the figure rises to 73 per cent among rural women earners.
In terms of life goals, 64 per cent of HNW women and 73 per cent of female entrepreneurs identified buying a home or property as a major priority. Among rural women earners, 73 per cent said children’s education was their primary life goal.
The study also analysed how women engage with banks. Digital platforms, including mobile applications and websites, are the most preferred channels for 44 per cent of female entrepreneurs and 29 per cent of HNW women. Around 36 per cent of HNW women prefer a hybrid approach that combines digital services with in-person support. Rural women earners, however, show a stronger preference for physical banking, with 47 per cent favouring branch visits.
Digital adoption levels were highest among female entrepreneurs, with 84 per cent using UPI and 59 per cent actively using digital financial tools such as banking applications. Among HNW women, 77 per cent reported using UPI and 52 per cent using digital financial tools. Despite smartphone ownership of 82 per cent among rural women earners, adoption of digital financial services remains limited due to low familiarity with applications (44 per cent), fear of online scams (37 per cent) and inconsistent internet connectivity (31 per cent).
The survey also looked at career breaks among women. Among female entrepreneurs, 46 per cent reported taking career breaks for family or personal reasons, while 22 per cent took voluntary breaks for travel or upskilling. Among HNW women, the figures stood at 36 per cent and 15 per cent respectively.
On retirement planning, 39 per cent of female entrepreneurs said they expect to retire after the age of 50 years, while 20 per cent believe they may never fully retire and 26 per cent remain unsure. Among HNW women, 41 per cent expect to retire after 50 years, 29 per cent anticipate lifelong engagement with work and 12 per cent remain uncertain.
Among rural women earners, 42 per cent expect to retire after the age of 50 years, 29 per cent believe they will continue working indefinitely and 19 per cent remain unsure. About 37 per cent of this group reported having no long-term financial plan for retirement, while others rely on bank or post office savings (27 per cent), formal pension schemes (23 per cent) or informal instruments (13 per cent).
