Neha Singh, founder of Womoneysta, began her career in 2005 in the financial services industry. Throughout her 14-year corporate career, she learned the importance of financial independence for women's empowerment. In July 2020 she established Womoneysta, a financial enablement platform aimed at helping women take control of their finances and become financially confident. Womoneysta has impacted over 40,000 women and has partnered with over 100 corporate communities.
The Women Entrepreneurs Review team had a conversation with Neha where she shared her perspective on women’s association with the financial landscape and more. Here are choice excerpts from the conversation.
What role do you believe women in the finance industry can play in advocating for policy changes that benefit women's financial health, and how can they effectively contribute to this cause?
The finance industry can benefit from more focused work for women as consumers and policy changes. Segregated data analysis on money and investing behaviors can help identify gender differences. Encouraging women to participate in financial advisory roles and share their experiences can also have a significant impact. I don't see much from a policy perspective yet, however women advocating for change within the industry is something that can have a significant effect.
Women often face unique obstacles when it comes to negotiating salaries or advocating for their worth in the workplace. How does an organization empower women to navigate these challenges and build financial security?
Organizations are working to empower women by promoting financial wellness and empowering them to negotiate better. They offer resources and sessions to help women understand their net worth and speak up about their worth. They also focus on financial wellness, discussing financial instruments, investments, and budgeting. They also address money mindset, discussing barriers and strategies for better money decisions. Additionally, they work with individuals, helping them take charge of their finances and speak about their worth more comfortably. Negotiation is a skill that requires gradual building and starts with a strong mindset. These efforts are not limited to organizations but also extend to individuals.
With the increasing influence of social media and online platforms, how do we navigate the digital landscape to provide accurate, reliable, and unbiased financial information for women?
To ensure trust, individuals should check the qualifications of the advice they receive, especially on online platforms. It is essential to verify the person's background and qualifications, as many people claim to be doctors, mental health experts, or life coaches. Trust is built on good customer reviews and qualifications, not just appearance. The media often lacks background checks, so it is crucial to conduct a reference check and background check on the person before giving advice. This will help provide accurate, reliable, and unbiased information. By doing so, individuals can build trust and make informed decisions about their health and well-being.
How can leaders navigate the balance between encouraging women to take control of their finances independently while also recognizing the importance of seeking professional advice when needed?
Women should be provided with resources and tools to become DIY investors, such as mutual funds and home research. By providing these tools, women become more comfortable with the topic and can become more interested in managing their money. However, not everyone has the time or interest in managing their money, and professional support can be beneficial. For example, if a woman dislikes cooking, she may outsource it or seek professional help. It's important to have basic knowledge about the topic and tools to make informed decisions. Once women have the necessary knowledge and resources, they can decide whether to do it themselves or seek professional support.
What is your vision for the future of financial wellness for women? And how do you see the industry evolving to better support women's financial independence and empowerment?
The vision is for equal participation and wealth creation among women, with equal assets and income. I aspire for equal engagement and discussions between men and women, eradicating unequal wealth disparities. I hope to support the journey towards a balanced number of wealthy women, ensuring equal opportunities for both genders.
Message to Readers
I would just say that all the women entrepreneurs whose focus is always on growing their business, are always stuck with time. So, while you're creating wealth, for your business, you should also focus on managing your finances and not forget about that as well.
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