65% of men make investment decisions on their own: study | Jobs Vox

The survey shows that more men (40%) than women (27%) make completely independent investment decisions (without consulting a professional advisor). Among those who make investment decisions with someone else, women (67%) say they consult their spouse more than men (48%). More than twice as many men (26%) than women (10%) said they consulted their father for investment decisions.

The survey found that husbands (21%) play a greater role in introducing women to investment than their fathers (12%). Also, men say they are self-taught investors, and a higher number of men say they were introduced to investing by their father (15% for men, 12% for women), friends and social circle (18% for men and 11% for women).

Among survey respondents, 32% of women consulted a professional financial advisor, compared to 36% of men. The majority of men (79%) and women (78%) said they were gender neutral when considering financial advisors, with the second highest preference for male advisors from both men (15%) and women (13%). Female financial advisors were chosen slightly more by women (8%) than men (6%).

Aditya Kothari Desai, Deputy Chairman, DSP Investment Manager, said, “…for me, an important aspect of the survey is that women are introduced and guided by their husbands’ investments, not by their fathers. I urge parents in general, and fathers in particular, to open up conversations about money and investing with their daughters at a young age. This will make future generations smarter in their investment decisions. I also believe that the right professional investment advice can make a huge difference in women taking control of their destiny. This is where our MFDs and consultant-partners will continue to play a key role in the future.

A surprising aspect of the survey was that a majority (70% of both male and female respondents) said they would recommend/or advise their son or daughter to invest. In fact, 41% of parents said their investment strategy differs based on their child’s gender.

An encouraging observation is that nearly half (45%) of men and women surveyed said they are investing more since the pandemic. The pandemic has led to money introspection, seeking higher returns than before and the ease of investing through apps were cited by both men and women as the main reasons for investing more post-Vivid. Among those who say they are investing less post-Covid, both men and women cite lower income and less risk as the main reasons. However, more men (28%) than women (22%) cite job loss/business closure as a reason for less investment.

The research shows that the top investment goals for men and women are largely the same: improving living standards, saving enough for retirement and providing for children’s education. But more women (45%) than men (40%) listed providing children’s education as one of their top goals. Most men cite being debt-free (38% for men and 33% for women) and starting their own venture (26% for men and 23% for women) as top goals.

DSP Winvestor Pulse 2022 was held as part of DSP Mutual Fund’s Winvestor initiative, which aims to empower women to take control of their investment decisions and gain self-confidence and not depend on someone else to manage their money. DSP encourages women to manage their money by seeking advice from qualified financial professionals.

The study covered 4,625 women and men in 10 cities (4 metros: Mumbai, Delhi, Kolkata, Bangalore and 6 mini-metros: Indore, Kochi, Patna, Chandigarh, Ludhiana and Amritsar). The study contains the responses of men and women who are involved in investment decision-making in the age group of 25-60. The field work of the survey was done from October to November 2022. The participants include those who are currently working or have worked in it. Single in the last 2 years, married without children or married with children.

Kalpen Parekh, MD and CEO, DSP Investment Managers, said, “At DSP, we believe in evidence-based insights and apply them to the initiatives we take. The survey’s insights into investor behavior and attitudes help us better address investor needs and guide our conversations and investor journeys to achieve their objectives. We want to be relevant to women investors and we understand that they need to have an independent understanding of their money and invest accordingly. We use these insights and aim to build a tribe of female investors. We also share these insights with MFDs to help them understand and enable better customer experiences.