OneScore, a tech-enabled credit-scoring app that regularly monitors one’s credit health, said today that ‘Millennials and Gen Z women are the most ‘credit-conscious’ cohorts. “.
The platform said it witnessed a 20% increase in the number of users inspecting their credit score in FY21 compared to FY20, indicating a gradual but steady growth in the awareness and credit consciousness among women in India. The data was shared as part of an internal study conducted by the company to assess women’s credit behavior and financial independence. The study was conducted on 35 lakh users of OneScore app across the country, of which 4 lakhs were women.
The metropolitan cities of Bangalore, Hyderabad, Pune and Mumbai hosted the maximum number of credit-conscious women, around 20% of the total number of women on the platform.
Among all metros, Bengaluru tops the charts as more than 8% of credit-conscious women hail from Silicon Valley in India, followed by Hyderabad, Pune and Mumbai. Among the states, however, Maharashtra leads the rankings, with over 17% of credit-conscious women, followed by Karnataka (13%), Tamil Nadu (13%), Telangana (7%) and Gujarat. (6%).
Interestingly, for women in the office, the data highlighted that the majority of women (over 60%) had an “excellent” credit score of over 750, while around 13% had a good credit score. ranging from 700 to 749.
However, on a global level, when it comes to adopting digital financial products like credit cards, debit cards and payment wallets, the disparity between men and women is stark. In a typical Indian household, women usually depend on male family members, such as father, brother, or husband, to make final financial decisions. More than 75% of women who regularly checked their credit score did not have a single credit card.
The data indicated that these women were using credit from other sources or preparing to obtain new credit in the near future and therefore were seeking to establish a healthy credit score that allowed them to regularly monitor their credit rating. Of the women who had credit cards on the platform, 53% had an active card and 14% had more than one credit card.
Speaking on these trends, Anurag Sinha, CEO and Co-Founder of One Score & One Card, said, “The country’s credit landscape is undergoing a substantial transformation and women will be a very strong influence on the way forward. With the rapid digitalization and drastic change in socio-economic patterns, the industry is witnessing a huge increase in the number of female consumers participating in the Indian credit landscape, creating favorable credit profiles and attaining financial independence. With unhindered access to credit instruments coupled with the savvy sense of budgeting that women are uniquely known for, women can change the way India spends and consumes by sensing economic activity and growth. It is therefore extremely important to empower women and encourage them to pursue financial independence by embracing their individual credit journey.
Launched in July 2019, OneScore helps customers get free, unbiased and guaranteed access to their credit score.
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Posted: Wednesday March 9th 2022, 1:53 PM IST