International Women’s Day 2024: An increasing number of women are taking control of their finances and investing in their future.
International Women’s Day: What’s common between Madhabi Puri Buch, Kristalina Georgieva, Nirmala Sitharaman, Vibha Padalkar, and Praveena Rai? They are heading the top financial institutions in India and across the globe, creating wealth and driving financial inclusion across the length and breadth of India and globally. Once considered a male bastion, these ladies are a testament that women are defying stereotypes and conquering new heights in finance.
The Barriers and a Welcome Shift
Traditionally, women have encountered multiple obstacles in overcoming financial barriers. As daughters, sisters, or wives, more often than not, they have relied on their fathers, brothers, or husbands to make financial decisions on their behalf. The existing family dynamics have frequently trivialised their inputs regarding money management, giving them the cold shoulder. Even in dual-income households, women often take career breaks to focus on family duties.
However, of late, there has been a shift with women increasingly asserting their financial independence and challenging traditional gender roles. Not only at home, but they are also emerging as the flag bearers in the financial world, challenging outdated norms and patriarchal mindsets.
There has been a marked increase in female advisors, wealth managers, and executives bringing expertise and different perspectives. They are not only driving innovation but also advocating gender equality and inclusion within the industry.
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Taking Control of Their Financial Future
Today, an increasing number of women are taking control of their finances and investing in their future. Traditionally, investment and financial planning were often thought to be male-centric activities. More frequently than not, males had the final say in a household’s financial decisions. This is slowly changing.
With greater access to information and resources, women are actively formulating investment strategies and investing in various financial instruments. According to data from the Association of Mutual Funds in India (AMFI), the number of women investors in the mutual fund industry rose to 74.49 lakh at the end of December 2022 from 46.99 lakh in December 2019.
A recent survey conducted by CRISIL in association with a leading multinational bank found 47% of female earners in Indian metros making independent financial decisions, with 98% actively participating in long-term family decisions. The fact that 47% of women make independent financial decisions reflects a shift in traditional gender roles and a growing recognition of women’s financial capabilities.
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Also, a high percentage of women actively participating in family decisions highlights their indispensable role in shaping the financial future of their households. The overwhelming participation underscores their expertise in key objectives, including children’s education and retirement planning.
Despite these remarkable strides, it’s a fact that challenges still exist. Limited access to capital, gender pay gaps, and subconscious biases continue to hinder women’s progress in the financial realm. That said, women must continue to educate themselves on personal finance, understand the basics of investing, and keep updated on the latest financial strategies and products.
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On this Women’s Day, let’s celebrate women’s tenacity and resilience in breaking the financial barriers and continue to work towards a future where gender boundaries are non-existent.
Happy Women’s Day!
