What makes you feel special about March 8? That you can avail of discounts, offers and special treatments, special marathons or special talk sessions? Or is the acknowledgement for your achievements as a professional, as a wife, as a home-maker and mother?
Is womanhood, a privilege, or merely a concession?
To me, the Women’s Day will be special when every woman acknowledges that she is capable of handling family finances as diligently as she would handle her new born baby. I have friends who are great homemakers. When I ask them “Do you know how much fixed deposit interest you earn” or how much you are insured for? The usual answer is “my husband knows it”. Another one would say “I don’t want to bother myself with it as I look after kids, home and that’s enough.” Some of them who are aware but don’t know how to start managing money. “I know fixed deposit don’t earn much returns these days. But I don’t know which one is more risky-shares or mutual funds?” says Latika, an IT professional on a sabbatical and a mom to a three year old.
The willingness to learn but the lack of awareness about saving and investing is also prevalent among numerous working women. Sandhya Sadananda, an entrepreneur friend once said “I can discuss politics, companies, Oscars and Obama’s healthcare plans with my husband. But when it comes to money I don’t know how and what to say as I don’t know which insurance policy is good or which fund is doing well?” Another friend told me that her husband manages her salary and she gets an allowance as she tends to spend all of it.
Many surveys conducted globally and in India have revealed how women view financial matters. The most recent BlackRock Global Investor Pulse Survey conducted among 17500 people including 9000 women across 12 nations found that women are less confident of achieving financial goals and are more concerned about immediate financial needs as compared to men. Last year, DSP BlackRock, its Indian arm, found that 77% of working women depend on spouse or parents for their investment decisions.
Women like Latika and Sandhya will feel special on a Women’s day when somebody approaches them, sits with them and tell them that if they want safety of principal, then where should they invest? Whom should they trust (a bank or a financial planner) and how should they buy a financial product or a service?
Lean In – Into Personal Finance!
Let us on this Women’s day, replace discounts with empowerment! Let us require our financial service providers to acknowledge us as knowing customers. Let us require our spouses to involve us in financial decisions. Finally let us require people like me, to write responsibly to make it easier for you to understand the basics of spending, saving and investing and most importantly teach our kids about it too!
So join me in this mission to become moneywise. Join me to let the world know that what will make you feel special on every March 8 that will come
A Women’s Day Wishlist For..
For Companies, Financial Service Providers
1. Talk down my fears, talk benefits to me! You want me to invest in shares, mutual funds or put money in your bank. Give me a step by step guide. Television paints me as a spender, but I am an earner and an investor too!
2. Don’t label “it’s for me”. Just make it simple! I don’t want a special savings account or a special insurance plan. I just want an account, a plan, and a policy that I understand and serve the purpose.
For the Spouse
3. Give me a patient hearing: The next time the banker or the financial planner comes, I am going to hang around. Just involve me in your talks and I will learn it!
For the Advertisers
4. Show me as a smart mommy, as a smart housewife and as a smart money manager too! You show me as a smart mom who uses internet on my smart-phone to teach history lessons. You show me as a caring mom who gives nutritious food to children, but why don’t you show me as someone who reads balance sheets or someone who meets my insurance agent?
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