5 reasons why women should take a serious interest in personal finance and not always depend on their male family members to make the decisions

Back in the day, when we were an all-women team in our company our office was functioning out of a mall. We used to have people walking in to make an inquiry or sell something. One day all four of us were having lunch and chatting when a salesman walked through the door. He was obviously there to sell something - maybe an insurance or a data plan or something. He looked at the four of us, looked around, and peeped into the cabin on the mezzanine floor. We all looked at him curiously.?

He then asked “Sir nahi hai kya?!!!”

This was in 2021 in Mumbai.

While women are fighting hard to break stereotypes and spread their magic in all aspects of life, for some reason managing money is still an anathema both for society and for the women themselves. Well-educated and even professionally successful women lean in on their fathers or husbands or sometimes even brothers to make important money decisions. We wonder why.

These are some reasons as heard in various conversations with our clients:

Low confidence - Many women lack the ,confidence to make critical decisions that can backfire. They fear being blamed for financial misfortunes.?

Lack of knowledge - It is numbers, technical, complicated and many women don’t bother to learn about it. They just zone out.

Lack of ownership - Many women think this is not their job. Managing their home, and children, and maybe even earning some money is their job. But managing money is not theirs.

Overwhelmed with other family responsibilities - They simply don’t have time for this with so many other responsibilities and chores.?

However, from seeing clients and families go about paying off loans, building wealth, and saving for their children we have seen women play a catalytic role in enhancing financial well-being in families.??

These are very good reasons why women should take interest in this important family activity.

- The starting point of wealth building is reducing expenses. And no one is better positioned to do this than the women of the house who usually control the expense side of purse strings.

- Women innately understand cause-effect. They have the mindset to think long-term. No wonder we always see women insist on saving for children and for a rainy day. They understand that if they don’t put away money now, they will suffer in the future.

Their natural cautious nature makes them risk averse. This brings in a balance and necessary perspective when big purchases or borrowings have to be made.?

Women who multi-task are more process driven. Being process driven brings in a sense of discipline and ensures adherence to a plan. No points for guessing that sticking to a plan ensures better success.?

And God forbid, if there comes a situation that they have to manage everything themselves - they will be better prepared, more confident, and able to take on the reigns for the family’s well-being with ease.

If you are a woman - don’t shy away. Ask questions, and get involved. Your money determines your destiny. It is your right.?

If you are a man - insist that the women get involved. You will greatly benefit from their perspective and wisdom. Also, why take all the blame always??