44% Open to Investing in gold-based savings products through small-ticket SIPs

PayNearby Women Financial Index 2026, a comprehensive analysis of women’s financial and digital consumption across Bharat in 2026

  • 85% of the Women in Bharat are the primary savers of the family
  • 78% of women prefer transacting through women agents, citing trust and comfort
  • 71% of women operate bank accounts independently
  • 54% prefer biometric-based authentication for cash withdrawals, including Face Authentication
  • 32% save monthly through formal financial channels, including goal-based savings and fixed deposits
  • Insurance uptake stands at 26%, led by health, life and accident coverage
  • 73% are open to formal credit for health, education and income-generating needs
  • 37% of women access Swasth health services including telehealth consultations and sanitary products

Mumbai: PayNearby, Bharat’s branchless banking and digital financial services network, released the sixth edition of the PayNearby Women Financial Index 2026. The report highlights, 38% of women in rural and semi-urban areas use UPI at least once a week, primarily for everyday payments such as groceries, utility bills and mobile recharges, showcasing a growing shift towards digital payments. Additionally, it highlighted the savings behaviour reflecting the growing financial discipline among women with 85% of women surveyed mentioned that they are the primary savers for the family.

Based on a survey of 10,000 women agents delivering digital and financial services in rural and semi-urban Bharat, the report outlines how women customers use these services and how assisted models are driving adoption beyond transactions.

The survey finds that there is also growing awareness among women for investment and asset-linked products through assisted guidance. Approximately 44% express willingness to invest in gold-based savings products through small-ticket SIPs when supported at their local service point, indicating openness to new investment options. This highlights the continued social acceptance of gold as a secure savings instrument. Alongside this, flexible small-ticket deposit products such as fixed deposits or recurring deposits, particularly those offering ease of withdrawal, receive strong preference, with 98% of women indicating willingness to save through them. Mutual funds as a category remain underpenetrated, with less than 10% of women aware of them.

The survey finds that 78% of women prefer transacting through women agents, citing trust, comfort and ease of interaction. This preference is shaping how women adopt and sustain financial behaviours, from day-to-day banking to longer-term savings and protection planning. The report also indicates that 71% of women now operate their bank accounts independently, with the strongest adoption seen among women in the 18–30 and 31–40 age groups, signalling increased confidence in managing routine financial needs without depending on family members.

Cash withdrawal continues to be one of the most essential services for women, helping them manage household spending and maintain ready access to money when needed. About 54% prefer biometric-based authentication for withdrawals, including Face Authentication, reflecting both comfort with familiar systems and trust in local service providers. The most common withdrawal range remains between ₹1,000 – ₹2,500.

At the same time, digital payments are steadily becoming part of routine transactions. While cash provides immediate access to funds, digital payments are increasingly used for convenience and speed.

Women’s maintain a dedicated emergency fund, setting aside small but consistent amounts to manage unforeseen expenses. Only 32% of them today save with a formal banking institution. Among the top savings goals, child education ranks first, followed by medical emergencies and buying household utility items, underscoring women’s focus on financial security and long-term household stability.

Insurance uptake stands at 26%, with health, life and accident coverage emerging as the most preferred categories. While awareness remains higher than enrolment, adoption continues to expand gradually. Around 32% of women agents report actively facilitating insurance enrolments within their communities, improving access and simplifying product understanding for customers.

Credit behaviour reflects purpose-driven borrowing and increasing comfort with formal options. Nearly 73% of women indicate openness to formal credit, primarily for medical expenses, children’s education, agricultural inputs, home repairs and small business activities. Alongside these needs, gold loans are also gaining relevance as a credit option for short-term liquidity, allowing women to meet urgent requirements without liquidating household assets.

Beyond banking and finance, Swasth (health) services are steadily gaining relevance within community-level service points. Around 37% of women customers now access health and hygiene-related services, including affordable telehealth consultations, sanitary pads and essential wellness products. The growing uptake of sanitary and hygiene products through these channels reflects increasing awareness around menstrual health, along with improved accessibility of essential services within communities. As basic healthcare becomes available closer to home, women are integrating health support alongside savings and insurance into their household priorities.

Overall, the findings of PWFI 2026 indicate that women across Bharat are steadily strengthening their financial agency. Participation is no longer limited to transactional access but is increasingly extending to structured savings, gold-based savings, growing interest in digital gold, gradual insurance adoption, and purpose-led formal credit, supported by trusted, community-based women agents.

Commenting on the findings, Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, said, “This year’s findings reflect a clear shift from basic access to structured financial participation across rural and semi-urban Bharat. We are witnessing more women independently managing their bank accounts, building disciplined monthly savings habits, and showing growing comfort with gold-based savings, insurance and formal credit. Women represent the GDP reserve of our nation, holding the potential to drive sustained social and economic progress at the last mile. As familiarity with financial tools increases, trusted assisted models will continue to serve as the bridge, enabling women to move confidently from guided transactions to independent financial participation. Our focus remains on ensuring that financial and digital services are accessible to every household across Bharat.”

Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari, added, “Women agents continue to play a central role in strengthening last-mile financial access, particularly as women show a clear preference for transacting with a trusted female service provider. We are now witnessing a shift from access to agency, where engagement is moving beyond basic transactions to structured financial advisory. Savings discipline is improving, interest in micro SIP-based savings is increasing, insurance conversations are becoming more frequent, and more women are seeking formal credit for defined needs. Swasth health services and hygiene products are also becoming part of this local ecosystem, reflecting broader financial and social priorities. Women agents are seeing stronger customer continuity and engagement, reinforcing their role as community influencers and financial facilitators across rural and semi-urban Bharat.”

As women deepen their engagement with savings, gold-based savings, insurance, health services and formal credit, household financial resilience across Bharat continues to strengthen. Insurance and structured savings are steadily emerging as pillars of security, supported by women agents who ensure that financial and digital services remain accessible, trusted and relevant to every household across Bharat.