Fintech leaders encourage women to take charge of investments and finances

TLDR:

• A survey shows that only 47% of earning women in metro cities make financial decisions independently.
• Women are urged to learn more about finances, get their investments in order, and build financial products for women.

A survey by DBS Bank and CRISIL revealed that nearly half of earning women in metro cities make financial decisions independently, indicating the need for more women to overcome financial insecurities. The survey also highlighted that a majority of women earners tend to be risk averse and do not invest in stocks. These issues were discussed during a panel at SheSparks 2024, where fintech leaders Hena Mehta and Deena Jacob emphasized the importance of women’s participation in finances.

Hena Mehta, Founder of Basis, stressed the need for women to talk about investments, educate themselves about finances, and dedicate time to build their financial literacy. She encouraged women to prioritize life insurance, investments, and credit scores, and allocate at least 30 minutes a month to their money fitness plan.

Deena Jacob, CFO and Co-founder of Open Financial Technologies, highlighted the societal factors influencing women’s participation in finances and investments in India. She noted the changing landscape and the importance of building financial products specifically tailored for women. Jacob also emphasized the need for women to balance work and family, showcasing that it is possible to achieve both.

Mehta pointed out that women represent one of the largest underserved categories in the Indian financial market, emphasizing the importance of catering to their financial needs and behaviors. Both Mehta and Jacob agreed on the significance of raising awareness and changing behaviors in the financial sector to support women’s financial empowerment.

Overall, the discussion at SheSparks 2024 highlighted the evolving landscape of women’s participation in finances in India and the need for tailored financial products and increased awareness to support women in building their financial health.