Gender bias in financial planning is a less-discussed issue. We often talk about empowering women. However, when it comes to financial planning, men usually get the preference.
A PolicyBazaar term insurance ad has been circulating online lately. In the 30-second commercial, a widowed woman glares at her late husband’s photograph, visibly frustrated. “How will I pay the school fees? There are also household expenses,” she laments. Then, with a mix of bitterness and disappointment, she directs her anger at the photo: “You left without even buying term life insurance.”
While the ad attempts to stress the importance of financial literacy and planning, its execution comes across as tone-deaf and lacks emotional sensitivity. The narrative here reduces a man’s worth to his ability to earn and plan finances. It also raises a bigger question: Why is financial responsibility always the man’s job? The ad assumes men handle money while women wait to be taken care of.
If the goal was to promote financial awareness, why not show a couple planning together? Or better yet, show a widow as financially aware. That would have delivered a more impactful story about the harsh reality many financially illiterate women face after losing a spouse.
The financial literacy gap shows gender bias in financial planning
Data expose a reality where financial independence remains out of reach for many women. The Humanity Welfare Council reports that 80% of Indian women struggle with financial literacy. Moreover, 62% of women either lack bank accounts or face limited access to banking.
Globally, financial literacy rates remain low. The S&P Global FinLit Survey found that 35% of men and 30% of women understand only basic financial concepts. In India, the gap widens. The 2020-21 National Centre for Financial Education (NCFE) survey found that only 21% of women qualify as financially literate, compared to 27% of men. While the financial literacy rates for both men and women in India are low, the gap between them makes the situation worse for women.
In India, there is a traditional belief that men should manage finances while women remain passive or dependent. This mindset discourages women from learning about financial matters. That makes them less confident in handling money. As a result, they struggle to make informed financial decisions, increasing their dependence on men.
74% of Indian women stay out of insurance decisions
A study by Future Generali India reveals that 74% of Indian women prefer not to participate in health insurance decisions. Of those surveyed, 43% had health coverage through their own or their husband’s employer. Another 36% relied on family floater policies owned by their fathers or husbands. Only 21% purchased their own policies. It means that fewer than one in four women took control of financial planning.
The survey polled 600 women over 21, with most (80%) between 21 and 35. Two-thirds were working professionals, more than half were married with children, and 27% were single. Yet, despite career independence and life responsibilities, financial decision-making still leans heavily on male family members.
Even the PolicyBazaar ad does not portray the wife as someone who could have been involved in financial planning. She is just frustrated at her husband for not taking responsibility. It is more or less pushing the idea that economic decisions are solely a man’s burden instead of something both partners should share.
Insurance uptake grows, but not equally.
PolicyBazaar data shows an 80% rise in women buying term insurance over the past two years. Only 40% of these policies were purchased by homemakers, with most buyers aged 20 to 30. Moreover, the majority of these women come from metro cities like Delhi, Mumbai, and Bangalore.
Between 8% to 10% of women buyers were from Delhi, while Hyderabad and Bangalore accounted for 6% to 7% each. Mumbai also ranked among the top cities for women purchasing term insurance. But what about women outside these urban centres?
Women in metro cities have better access to banks, financial services, and information. On the other hand, women in smaller towns and villages often lack the same resources. Many still depend on their husbands or families for financial decisions, not because they want to, but because the system doesn’t support them. Limited financial education, fewer banking facilities, and traditional gender roles keep rural women from making independent financial choices. As a result, even though more women are buying term insurance, this progress remains uneven.
Progress is happening, but not at the same pace for every woman.
Gender bias in financial planning: The final thoughts
Let us stop portraying women as financially illiterate and dependent. If major insurance companies keep pushing this outdated and sexist narrative, what message does that send? Is it that women should wait for men to secure their future? That financial planning is not their responsibility?
Financial literacy is not just about men or women. It’s about access, education, and shared responsibility. Show women as decision-makers, not just dependents. Push for better financial education, accessible banking services, and policies that encourage financial independence.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content. We broadly define inclusivity as media, policies, law, and history—encompassing all elements that influence the lives of women and marginalised individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
