Nearly 7.5 crore working women in India represent an untapped market opportunity worth around ₹2.8 lakh crore for the banking, financial services and insurance (BFSI) sector, according to a report released recently.
The report by RedSeer Strategy Consultants highlighted that while women’s participation in India’s digital ecosystem has grown rapidly in recent years, ownership of financial products remains significantly lower despite improved access.
Rising Financial Inclusion but Limited Product Ownership
According to the report, India’s Financial Inclusion Index has improved substantially, rising from 46.0 in 2018 to 67.0 in 2025. Women now account for nearly 47 percent of internet users in the country.
However, their participation in financial products remains relatively low. Women account for only 17 percent of active personal loans, 13 percent of credit card outstandings, and around 23 percent of mutual fund assets under management (AUM).
This gap highlights the difference between digital access and financial adoption among women, the report noted.
Lack of Information a Major Barrier
One of the biggest challenges identified in the report is the information gap. Nearly 97 percent of women surveyed cited lack of awareness or information as a key reason for hesitation in adopting new financial products.
The study found that 93 percent of women save primarily to grow their financial corpus, while 56 percent link their financial decisions to life goals such as education, healthcare and long-term financial security.
Interestingly, fewer than 10 percent of women prefer high-risk investment strategies aimed at maximising returns.
Family Influence in Financial Decisions
Family members play an important role in women’s financial decision-making. The report noted that around 84 percent of women rely on family members for financial advice before making investment or borrowing decisions.
Women Show Better Credit Behaviour
Despite lower participation in financial products, women borrowers demonstrate stronger credit discipline than men.
Around 66 percent of women fall into prime or higher credit score brackets, compared with 60 percent of men. Additionally, the delinquency rate among women borrowers is lower at 1.6 percent, compared with 2.2 percent among men.
Opportunity for BFSI Sector Growth
Jasbir S. Juneja, Partner at RedSeer Strategy Consultants, said the next phase of growth in the BFSI sector will depend on converting access into actual adoption of financial products among women.
“Women are emerging as one of the highest-quality cohorts in BFSI — disciplined borrowers, consistent savers and goal-oriented investors,” Juneja said.
The report suggests that improving financial awareness, targeted product design and inclusive outreach strategies could help financial institutions tap into the large and growing market of working women in India.
