44% of Single Women in India Seek Homeownership, 70% Pursue Career Growth

Ahead of Women’s Day, a recent study by fintech and consumer lending app Fibe has revealed striking insights into the long-term aspirations of single women in India. The research highlights that 44% of single women in India dream of homeownership, while a significant 70% prioritize career advancement. These findings underscore a strong desire among single women or both financial independence and a balanced lifestyle.

Key Insights from the Study

The Fibe-Millennial Upgrade Index, which surveyed 8,000 individuals across metro and non-metro areas, provides a detailed look at the goals and challenges of young Indians. Notably, the study sheds light on how single women in India are setting ambitious targets for themselves.

• Homeownership Aspiration:
  The study found that 44% of single women in India aspire to own a house. This percentage is higher than that of single men, demonstrating that homeownership is a key long-term goal for many single women.
• Career Advancement Priority:
  An impressive 70% of single women in India consider career growth as a top priority, compared to 58% of married women. This indicates a robust drive for professional success among single women, who are increasingly seeking opportunities to climb the career ladder.
• Financial Independence:
  When it comes to achieving financial independence, 30% of single women in India list it as a primary goal, outpacing the 21% of single men. This reflects a growing awareness and determination among single women in India to secure their financial future.
• Homeownership Among Married Individuals:
  Interestingly, among married respondents, 52% of women express a stronger desire for homeownership compared to 45% of married men, highlighting that the aspiration for property ownership is a significant trend across different demographic groups.

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Below is a summary table capturing the study’s key findings:

Demographics and Long-Term Goals

The study, titled the Fibe-Millennial Upgrade Index, surveyed individuals primarily under the age of 30 (47%), followed by those aged 30-35 (26%), 35-40 (14%), and above 40 (13%). This demographic distribution provides a snapshot of the aspirations of young single women and reflects their determination to secure both homeownership and career success at an early age.

Long-Term Aspirations

• Homeownership:
  Overall, 41% of the respondents identified homeownership as their top long-term goal, with a significant portion being single women. More than 41% of those aspiring to buy a house are under 30, indicating an early start in planning for a secure future.
• Entrepreneurship and Financial Independence:
  Other notable long-term goals include entrepreneurship (21%) and achieving financial independence (19%), underscoring a broader desire among single women in India to build a stable financial foundation.

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Short-Term Priorities

• Job Security and Lifestyle Upgrade:
  In the short term, 60% of metro respondents prioritize securing a better job amid increasing competition, reflecting the urgent need for immediate financial stability and growth.
• Saving and Financial Solutions:
  A significant number of respondents, especially in metro areas, plan to save before making major purchases, while many are also considering financial solutions or credit to meet their short-term goals.

Barriers and Strategies

Despite the strong aspirations, single women in India face several challenges in achieving these goals. Financial constraints remain the biggest hurdle, with 45% of respondents citing them as a major challenge. Other barriers include prioritizing family expenses (35%) and a lack of effective financial planning (15%).

Strategies to Overcome Challenges

• Strategic Saving:
  About 39% of those aspiring to achieve their long-term goals plan to save and manage their finances strategically. This proactive approach is key for single women looking to invest in property.
• Exploring Additional Income Sources:
  With 21% of respondents considering alternative income streams, diversifying income can help overcome financial hurdles.
• Utilizing Credit and Digital Lending:
  A notable 29% of respondents are open to seeking credit, and many are turning to digital lending platforms. These platforms are increasingly popular among single women in India for financing education, healthcare, and even property investments.

Conclusion

The findings of the Fibe-Millennial Upgrade Index clearly illustrate that single women in India are increasingly ambitious in their pursuit of homeownership and career growth. With 44% aspiring to own a house and 70% focusing on career advancement, it is evident that this demographic is taking bold steps towards achieving financial independence and long-term stability.

While challenges such as financial constraints and inadequate planning persist, the proactive strategies outlined in the study ranging from strategic saving to leveraging digital lending platforms offer a roadmap for success. For single women, these insights not only highlight the importance of setting clear financial goals but also underscore the need for support systems that empower them to realize their dreams.

As India’s dynamic economic landscape continues to evolve, the aspirations of single women will play a pivotal role in shaping future trends in real estate, entrepreneurship, and career advancement. By staying informed and taking decisive action, single women can turn these aspirations into reality, paving the way for a more empowered and prosperous future.

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