“I like making things, I like selling them; and when I make a profit, I like that too.”
27 year old Laxmi lives with her husband and three children in a village in Muzaffarpur. Laxmi works as a teacher in a private school in the village and earns ₹ 1500 per month. Her husband works as a daily wage mechanic and her three children attend both the private and public school so they can avail the government scholarships. She plans the household expenses and recently purchased a wooden bed through a group loan made so that her family can sleep more comfortably. Laxmi’s biggest goals are education for her children and a comfortable life for her family. She dreams of becoming the head of her SHG cluster and finding a better paying job. She is highly entrepreneurial and doesn’t shy away from approaching influencers in the village to help guide her toward her goals. She has a high potential to be a ‘master’ or ‘expert’ in her community.
As the woman in charge of household finances, what are Lakshmi’s plans for meeting her children’s educational goals and growing her family’s prosperity?
by the numbers
Like Laxmi, Independents are predominantly middle-aged women who farm and take control of household finances. Approximately 192 million (16% of the Indian population) fall in this segment.
SOCIOECONOMIC (SES 3-4)
HIGH INCOME VOLATILITY
Independents have low income volatility and struggle less to raise funding for paying off debts, school fees and setting aside money for family than other segments. Due to their social bonds, they would share a windfall with family and friends, but also invest in income-generating assets. This entrepreneurial spirit makes them potential early adopters.
Financial Behavior & Attitudes
SAVINGS BEHAVIOR & ATTITUDES
Independents have strong financial health – they are frequent savers and heavily self-reliant and resilient in emergencies.
Independents have strong access to informal and formal group channels. They have not yet turned to mobile money as a savings channel.
BORROWING BEHAVIOR & ATTITUDES
Independents exhibit higher than average comfort with holding debt but lower than average dependability when it comes to borrowing money.
Independents rarely borrow money through groups or mobile services.