In my hometown near Udupi, Geethakka is a prominent person in the village. She is a member of the rural development program and a very enthusiastic advocate of female education and women empowerment. I got a chance to chit-chat with her during this winter break. Geethakka was earlier a school teacher and was completely lost when her husband’s sudden illness left him unable to work. She was forced to become the sole support for her family. Despite her steady income, she struggled to make ends meet because she had never been involved in managing the family’s finances. Savings, investments, and insurance were all unfamiliar terms to her, leaving her nervous and unprepared. That’s when she realised the importance of educating a girl child about the nuances of finance and money. Since then, she has been working actively for this cause. The happiness and the humility she shows while talking about her work are very inspirational. I was moved by the sensitivity and the care in her services. I could also sense the pain she would have undergone. The strength of her kindness was beaming in the form of self-confidence.
Geethakka’s case is not uncommon; we find women struggling to manage their financials even in cities. I was not surprised when I read the DBS Bank India-CRISIL survey* which mentions that only 47% of women in metro cities make their own financial decisions.
We observe that, historically, it has been a tradition that financial matters were often considered the domain of men. Women, even when they worked, were rarely involved in decisions of savings, and investments. Women set themselves away from anything related to finance due to various reasons like the society structure, political situations, household responsibilities, etc. They paid very little attention to money management like managing the bank accounts, taking loans, real estate, investment or business, etc. Like any other field, we see a few exceptions where the financial controls were in the hands of women, but the majority of the women population did not consider financial decision-making in their scope.
Yet, despite the odds, women have always displayed financial acumen. Who doesn’t remember their mother’s secret stash in a kitchen dabba, magically producing money when the family needed it most? Our grandmothers’ financial wisdom—passed down through quiet but powerful lessons—still holds relevance today. We know that Indian women are great at the management of resources and it is demonstrated by the strategies used to manage the house and household expenses within the budget.
Although we see many successful women, the number of real achievers in the financial field is not great. Though earning well, a major population of women is seeking help from the “men” of the house for their financial decisions (father, brother, or spouse).
Today, the financial landscape for women is vastly different. More women are entering the workforce, earning independent incomes. This shift also signifies their growing influence in the financial world. Several factors like Education and Employment, Legal Reforms regarding equality, and technology have contributed to this change. There is a slow yet drastic shift in the self-confidence of ladies in managing their finances. I observe a large number of women participants in the workshop I conduct and am pleasantly surprised by the questions they ask. The questions convey their willingness to learn and understand more.
The initial nervousness and hesitation have been a major barrier that can be easily overcome by an effective education. Despite these advancements, a lack of confidence or knowledge often prevents women from taking proactive steps toward managing their finances. However, there is immense potential for women to upskill and become an integral part of the financial mainstream. Now is the time to enhance their understanding and sharpen their skills in the finance sector.
Continuing our conversation, I suggested a few ideas to Geethakka about financial wellness.
- Prioritize Financial Education: Understanding basic financial concepts like budgeting, saving, investing, and retirement planning is essential. Women should actively attend courses, and watch videos, to acquire basic knowledge to begin with.
- Start Early: Developing good financial habits early, such as saving a portion of income regularly and investing in diversified options, can lead to significant long-term benefits.
- Engage in Financial matters: Engaging in conversations and observing the decision process. Women should actively participate in family financial discussions. Understanding expenses, investments, and insurance policies ensures they are informed and prepared for any unforeseen circumstances.
- Invest Wisely: While saving is important, investing is crucial for wealth to grow. Women should explore investment avenues like mutual funds, stocks, gold, or real estate to generate higher returns. Women should engage more to understand the details of various investment vehicles. Investment can be started with funds as small as ₹500.
- Join Communities: Joining or creating networks of women with a focus on financial well-being can provide valuable insights, encouragement, and shared learning experiences.
- Have a guru/mentor/advisor: Having an advisor is like having support when we need the most. The advisor can eliminate lots of myths around the financial domain and guide toward the right decision.
Geethakka had no option but to take control of her finances in her difficult times. But now she makes investments and also has built enough wealth to secure a future for herself and her children. Today, Geethakka inspires other women in her community to take charge of their financial lives.
Women’s role in finance has come a long way, but there is much more to achieve. By embracing financial literacy and independence, women can break free from traditional constraints, make informed decisions, and contribute significantly to their families and society.
This journey may require courage and effort, but the rewards are worth it—a life of confidence, security, and empowerment.
Geethakka has inspired me not only from a financial perspective but also as a person who stood against all odds and emerged strong. I am sure you will also have many such inspiring stories. Share them in the comments so that they can inspire many more people.
Shreedhara is the Founder & Director of Ara Financial Services Pvt. Ltd. He has an experience of over 2 decades in Financial Service Industry with majority of it in guiding individuals and institutions on their investments requirements.
