4 August2021As a working professional in my early thirties, I pride myself in being an independent and self-sufficient woman. However, my notion of being self-sufficient were challenged in a recent conversation I had with Namrata B Durgan,Founder of Mirr Investments, a wealth management firm. She put forth an unusual question to me, "Are you in control of your money?" I was taken aback and was forced to take a hard look at my relationship with the money that I earn. While I did make my own money, yet I had no control over how my money was being invested. Upon pondering hard, I gathered that there existed an underlying fear and reluctance in terms of making my own financial decisions. I was also pulled down by the jargon filled language used to explain rather ambiguous financial schemes. In essence, I realized that I was not the independent women I thought I was because I had to depend on my family to make financial decisions on my behalf.Similarly, India is home to a large plethora of women who do not make their own financial decisions. While the number of working women has been on the rise, yet the financial decision-making rests mostly with men. In might seem ironic because in almost every other Indian household, the matriarch of the family is responsible for maintaining the household budget. Women are also prudent decision makers and managers which helps them make tough choices. Then why is it that not many women invest their own money? Similar to my story, it all boils down to the fearfulness brought about by the jargons and confidence in one's own decision-making abilities. A similarly disappointing thread is carried over to the financial industry which falls much behind medicine, law, academia in term of participation of women in the workforce. While men and women begin their careers at a similar rung, yet as one moves up, it becomes more and more a boy's club. It might be prudent to evaluate the necessary steps that we might have to take as individuals, professionals, organizations and government bodies to have more women in the financial domain. The same goes for promoting more women to take charge of their own money and invest. In a tiny speck of good news, a study by Merrill Lynch Wealth Management found out that 75 percent of women under 45 managed their money on their own, compared to 50 percent of women over 55. Married women under the age of 45 were also much likely to take financial decisions for their families as compared to older married women. A study by Grayscale also found out that globally women were keener in new asset class. It found that 93 percent of women respondents said they would be more open to investing in cryptocurrency if they were better educated on the subject. A common theme can be observed across the board, women need to be better informed, more educated and motivated to take the reins of their purse strings within their own fingers. Do let us know your thoughtsEditor NoteMending Women's Relationship with Money One Step at a TimeRachita SharmaSpecial Editoreditor@womenentrepreneurindia.com
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