Women more inclined to use banking services than men: IRMA

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The fairer sex outperforms men when it comes to using the formal banking services, says a study by the Institute of Rural Management Anand (IRMA).

According to IRMA, nearly 72 per cent female prefer depositing money in formal banks as compared to men who prefer keeping it home, reported The Economic Times.

The study was supported by JP Morgan with a motive to study the savings and banking habits among the bottom of the pyramid in both rural and urban India.

The sample comprised 5,500 respondents, essentially from Northern India, found that ownership of more than one account increases the likelihood of usage of these bank accounts.

Besides, the account activity is also linked to the level of economic activity in a given geography. Therefore, among the recommendations, IRMA suggested that financial inclusion policies must be in tandem with economic activity of the area.

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