Finance
86% of working women eager to improve financial knowledge, survey reveals
![86% of working women eager to improve financial knowledge, survey reveals 86% of working women eager to improve financial knowledge, survey reveals](https://www.livemint.com/lm-img/img/2024/03/06/1600x900/international_women_day_1709619242466_1709742541095.jpg)
In anticipation of International Women’s Day, IndiaLends, a prominent online marketplace for credit products, introduces the 6th edition of its annual #WorkingStree report. This year’s survey, centred on “Women Entrepreneurship and Investments”, explores the aspirations and realities of working women in India. The report underscores a change in the priorities of working women in India. Let’s delve into the details:
Emphasis on entrepreneurship and investments: The current report appears to explore the strategies employed by working women in pursuing business ownership and financial advancement, contrasting with the previous year’s emphasis on attaining financial independence.
Optimistic perspective: The report indicates a more favourable viewpoint compared to the discoveries of the 5th edition, which might have pointed towards challenges encountered by working women in attaining financial independence.
In the current year, IndiaLends conducted a survey of more than 10,000 working women aged 24-55 in metropolitan areas as well as tier 1 and tier 2 cities. A remarkable 76% of the participants indicated their aspiration to initiate their businesses. This entrepreneurial enthusiasm reflects an expanding ambition and a dedication to seizing control of their financial destinies.
In the #WorkingStree survey by IndiaLends, the majority of respondents fell within the 25-34 age group, constituting 33.6% of the total sample, with 35-44-year-olds following at 25.6%. The youngest demographic, aged 18-24, made up 22.3% of the participants, while those aged 45 and above comprised approximately 18.5%. In terms of professions, salaried employees constituted the largest segment at 44.5%, with self-employed individuals following closely at 31.3%. Homemakers represented 12.3% of the sample, and professional individuals like CAs and lawyers accounted for 4.4%. Regarding marital status, the majority of respondents were married, making up 67.2%, while singles constituted 20.5%.
Furthermore, a noteworthy 86% of employed women conveyed a keen interest in acquiring knowledge and enhancing their skills in domains such as budgeting, investing, saving, and other financial instruments. This increasing financial literacy plays a pivotal role in empowering women to navigate the intricacies of finance, be it as investors or entrepreneurs.
Beyond the numerical data, the #WorkingStree survey uncovered narratives of women entrepreneurs assuming leadership roles. A significant discovery is that 68% of women entrepreneurs autonomously oversee their company accounts, showcasing their proficiency and self-sufficiency. Merely 32% of women rely on professionals, husbands, or family members for this aspect of their business.
The survey also sought insights into the investment behaviours of working women. Results showed that 68.7% of businesswomen/entrepreneurs invest their funds, while only 51% of salaried women engage in investment. Intriguingly, among women who invest, 79% manage their investment portfolios independently. The remaining 21% seek assistance from their partners or parents.
When questioned about their reasons for refraining from investment, 25% of women attribute their decision to a lack of confidence in making investment choices, while 29% identify a restricted understanding of financial instruments as a hindrance.
Ankit Khurana, Chief Marketing Officer, IndiaLends, expressed, “The results of the #WorkingStree survey are truly inspiring. Witnessing that 76% of women aspire to start their businesses fills me with immense pride. This is proof of changing times and shows how today’s women are ready to take charge of their finances. I believe that by supporting women’s entrepreneurial journeys, we can ensure a stronger and more prosperous nation for generations to come.”
In essence, the rise in financial literacy among women represents a notable stride towards fostering increased financial inclusion and empowerment. This development enables active participation in the financial system, positioning women as investors and entrepreneurs, and paving the way for a secure and prosperous future for themselves and their families.
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Published: 07 Mar 2024, 10:50 AM IST
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Finance
What financial tips do Metro Detroit kids need to know?
STARTING THIS FALL MICHIGAN HIGH SCHOOL FRESHMEN WILL HAVE A NEW CLASS REQUIRMENT THEY’LL NEED TO COMPLETE IN ORDER TO GRADUATE HIGH SCHOOL AND THAT’S A PERSONAL FINANCE CLASS THIS NEW REQUIRMENT IS HOPING STUDENTS CAN LEAVE SCHOOL WITH ESSENTIAL SKILLS IN BUDGETING, SAVING, AND INVESTING. THE HOPE ALSO IS THAT THIS YOUNGER GENERATION IN MICHIGAN WON’T HAVE TO FIGURE OUT FINANCIAL ROAD BLOCKS ON THEIR OWN AND THAT THEY CAN BUILD A SECURE FUTURE SEVEN NEWS DETROIT REPORTER PETER MAXWELL SPOKE WITH SEVERAL PEOPLE ABOUT WHAT KIND OF ADVICE THEY COULD SHARE TO THE YOUNGER GENERATION
Finance
AI is too ‘sociopathic’ to give financial advice, MIT researchers say
![AI is too ‘sociopathic’ to give financial advice, MIT researchers say AI is too ‘sociopathic’ to give financial advice, MIT researchers say](https://www.hindustantimes.com/ht-img/img/2024/09/01/1600x900/g10ee2927bd1b59344fa4cb9c147526f1af27470e845d2d89_1725164118945_1725164119177.jpg)
The problem with AI in the context of it being used as a financial advisor is that it is “inherently sociopathic,” according to a Business Insider article which cited an MIT research report.
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Why is AI sociopathic?
While human financial advisors give clients recommendations using a behavioral lens, since people don’t always make rational or unbiased financial decisions, AI can easily argue on both sides of an argument because neither side has any weight to it.
How is AI used by financial advisors at the moment?
Nearly 40% of human financial advisors use generative-AI tools for the job, according to a report from data-analytics firm Escalent, which added that this was mostly for boosting productivity, generating content, and for marketing functions.
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Examples include Canadian startup Conquest Planning using a financial-planning software with an AI architecture known as a blackboard system for storing information about tax rules, cash-flow mechanics, retirement-account structures, fiduciary rules, and more, according to the article, which added that another example would be Los Angeles-based wealth manager Arynton Hardy, who uses AI regularly to save time on data entry, portfolio monitoring, and other back-office tasks.
How can AI be made more useful for giving financial advice?
A method to make AI more empathetic to the client is by making it ask simple questions like “How are you doing?” before dispensing personalized financial advice, according to Andrew Lo, a professor of finance at the MIT Sloan School of Management and the director of the Laboratory for Financial Engineering, who co-authored the report.
The AI could also use audio or video from the client to identify emotional cues, like stress or fear, in their voice or facial expressions, he added.
“We think we’re about two or three years away before we can demonstrate a piece of software that by SEC regulatory guidelines will satisfy fiduciary duty,” the article quoted him as saying.
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Finance
Harris's proposed unrealized capital gains tax is unlikely to pass: CIO
Unrealized capital gains tax proposals may be floating back into the zeitgeist as the Harris presidential campaign marches on, but for some, the noise around it is much ado about nothing.
“I don’t think this unrealized thing is going to have much momentum because it is a very onerous process to come up with those numbers,” Raymond James chief investment officer Larry Adam told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (see video above or listen here).
“You start putting biases of what you think [something] is worth versus the reality,” said Adam. “That becomes a very difficult equation to really put into a place.”
We’ve seen unrealized capital gains tax proposals before, but they’ve met plenty of resistance.
Most recently, the Biden administration proposed an unrealized capital gains tax for those with a net worth of over $100 million. The proposal could affect more than 10,600 people in the US, according to estimates.
But, unlike a capital gains tax, which is imposed on a sold item, deploying an unrealized capital gains tax is a trickier move.
Stifel chief Washington strategist Brian Gardner said in a recent client note that under an unrealized capital gains tax system, “ranking illiquid assets would not only be complicated but controversial,” adding that there would also need to be a way to provide taxpayers with “rebates for future losses.”
While analysts scratch their heads about the subject, an unrealized capital gains tax also has plenty of tomato throwers. Donald Trump called it “beyond socialism,” telling a crowd of small-business owners, “You will be forced to sell your restaurant immediately.”
Trump’s onetime US Commerce Secretary, Wilbur Ross, concurred.
“Frankly, I think it’s a ridiculous proposal,” Ross said on Opening Bid.
Tesla (TSLA) CEO Elon Musk also had negative statements to share on the topic, proclaiming an unrealized capital gains tax would lead to “bread lines and ugly shoes.”
While Trump and Musk might deliver their messages to pack a wallop and make voters think, concerns aren’t necessarily unfounded.
Raymond James’s Adam has considered tax proposals made by both candidates, and thinks that regardless of the administration in office, higher taxes could impact households by almost $2,000. “[It] could be a big impact and a drag on the economy,” he said.
Both Harris and Trump face challenges given the expiration of a significant portion of the 2017 tax cuts at the end of 2025. Trump has proposed an additional extension of provisions from 2017 and potentially more tax cuts.
Harris proposed expanding the child tax credit and supported no increase in the capital gains tax, while taxing those making over $400,000 annually more.
While the presidential race is anyone’s game at this point, Adam isn’t that worried about an unrealized capital gains tax and the potential market losses. “[There’s] a low probability of it passing,” he said. “It’s pretty hard to mark to market every single year for your taxes.”
Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.
In the below Opening Bid episode, former Trump nominee to the Federal Reserve Judy Shelton shares her outlook for the economy.
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