8 DECEMBER2024Max Life Insurance Company Ltd. has revealed the fourth edition of its India Retirement Index Study (IRIS), highlighting significant progress in women's retirement planning and financial preparedness. The report shows that two-thirds of Indian women are actively investing for their retirement, surpassing both the national average and men's average. This highlights a shift towards financial independence among women.The Max Life IRIS 4.0 report shows Indian women's proactive retirement planning efforts, highlighting gender disparity and greater commitment to saving and investing than their male counterparts. The report states that women's retirement index has increased to 50 from 47, above the national average. Notable growth has been seen in their Finance, Health, and Emotion index as well. Women increasingly prefer risk-based financial products, with 68 per cent investing in retirement products, 27 per cent investing in mutual funds or SIPs, 20 per cent in the stock market, and others opting for life insurance, health insurance, and fixed deposits.Financial independence is a top motivator for investments, with lifestyle and family recommendations playing a significant role. Health and wellness are crucial to women's retirement plans, with over 80 per cent engaging in regular physical activities and 49 per cent having health insurance. Emotionally, retirement is associated with independence and stress-free living, but concerns about loneliness and financial dependence persist. IN FOCUSMAX LIFE IRIS 4.0 REPORTS INCREASE IN INDIAN WOMEN'S RETIREMENT INDEXINDIA CAN CREATE OVER 30 MILLION WOMEN-LED ENTERPRISES: KPMG REPORTAt the TiE Global Summit 2024, KPMG, a multinational professional services network, highlighted India's potential to create over 30 million women-owned enterprises, potentially generating 150 to 170 million jobs. The report emphasizes the need for increased venture capital (VC) funding for women-led startups to unlock India's untapped entrepreneurial potential.Over 20 per cent of India's MSME startups are led by women, with 45 per cent from tier 2 and tier 3 cities. Startups contributed $140 billion to the economy in FY23, with projections to reach $1 trillion by 2030. Supporting women entrepreneurs fosters a more diverse and inclusive entrepreneurial ecosystem, promoting local development and inspiring future generations.The report further highlights the positive impact of investing in women-led ventures on local development and innovation in India. It also highlights the growth of the startup ecosystem, attributed to a vast consumer market, supportive government policies, the surge in venture capital funding, and a strong network of incubators and accelerators.According to the report, the Indian startup ecosystem is expanding across the fintech, automotive, and healthtech sectors, offering investment opportunities. The electric vehicle market is expected to be worth $113 billion by 2029, requiring 1.3 million charging stations. Traditional unicorn hubs include Bengaluru, Delhi, and Mumbai which secured over $8.1 billion in funding in CY23 whereas cities like Pune, Chennai, and Hyderabad are still looking for their own space. Venture capital funding has seen a 43 per cent year-on-year increase from January to July 2024.
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