Crisil and DBS Bank India survey

A new survey by ratings agency Crisil and DBS Bank has found that 47% of Indian women workers in metros make independent financial decisions. According to the survey, 98% of salaried and self-employed Indian women actively participate in long-term family decision making. This will shape the trajectory of India’s fashion industry. 

“The insights from the survey highlight the importance of financial stability in the aspirations of independent female earners across India,” said DBS Bank India’s managing director and head of consumer banking group Prashant Joshi in a press release. “Ownership of financial decision making, diverse investment and borrowing choices and growing adoption of digital channels are all evidence that the modern Indian woman is not just a participant, but a planner of her journey.”
 
With significant numbers of women having greater control of their finances, brands in the fashion, jewellery, and beauty industries have already begun to tailor both their products and promotions directly to these women. The past few years has seen lightweight fine jewellery for everyday wear increase in popularity and numerous jewellery retailers have reported an increase in women purchasing jewellery for themselves to wear daily, whereas before jewellery was more often purchased as a gift and to be worn on special occasions. 

“More than 35% of our own DBS Treasures customer base are female and we have seen many inspiring examples of how women can take charge of their own finances,” said Joshi. “The DBS Women and Finance study is a step forward in the much-needed movement to a more equitable financial playing field and it underlines our commitment to enabling all customers to ‘Live more, Bank less’.” 
 
DBS is a financial services business which has a presence in 19 markets in Asia. The business is headquartered in Singapore and has ‘AA-’ and ‘Aa1’ credit ratings. The business has operated in India since 1994 and has a physical footprint of 530 branches in 350 locations.