The sculpting hands of the past are frequently acknowledged as having sculpted and carved the culture of the present. Visits to the ancestral house, where cluttered jars and bins are loaded with spare coins amassed over many years, are the foundation of every summer memory. We were taught to save money and then forget about it as the greatest financial strategy.
As a woman in Indian society, you are brought up to believe that money is a matter of the ‘others’ hands. Even in the most educated households, we often find children being taught to save their money or not worry about it. The journey of women and money has been a complicated one, and sadly, not much has changed. According to our survey done by us, 65% of women resort to keeping their money in a savings account and only 16% invest in financial instruments.
Why invest?
The glass ceiling is being broken by women today, and preconceptions are being redefined. The financial demands of women are substantially different from those of males because to their many responsibilities, ability to manage enterprises and houses, different career peaks, and longer life expectancy. In India, 29% of women and 34% of those between the ages of 21 and 25 do not invest at all. In general, 49% of women in the nation don’t invest or aren’t aware of their investments. Only 9% of women are investing independently through self-learning, according to the LXME Women Money & Power Report.
Why start so early?
You can’t build an empire without laying a solid foundation. In India, women do not really enjoy the practise of financial planning. Women still look to their male family members for financial management even in 2022. To make their investments, 40% of women enlisted the help of their spouses and families.
This demonstrates the significant financial dependence women have on their families and relationships. We miss the gold right away when we don’t promote financial literacy at its foundational level. Young girls can be empowered to improve their risk appetite and enhance their financial independence if we start making financial education and tools a takeaway for them from the beginning.
Saving vs investing
Today’s youth are more cognizant of their risk tolerance, personal money, and the accuracy of the resources at their disposal. Today, any self-assured young person would be more than willing to try their hand at investing using the available tools.
How many of us can recall the ladies in our family making investing decisions? Women have managed our homes and household finances efficiently for years. Women in the workforce now make good money, but they avoid making investment decisions because of concern for the consequences of making a poor decision, despite decades of struggle.
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