Fintech leaders urge women to get their investments in order and learn more about finances

A survey by DBS Bank and rating agency CRISIL says nearly 47% of earning women in metro cities make financial decisions independently. This still leaves room for a lot more women to overcome their challenges and insecurities about financial decision-making.

The survey also points out that 51% of women earners tend to be risk averse and park their money in fixed deposits and savings accounts, while only 7% of women invest in stocks.

These issues, and more, were discussed during a panel discussion at SheSparks 2024, a platform for actionable change for women, hosted by YourStory.

Change begins with conversation, said Hena Mehta, Founder of fintech firm Basis. She highlighted that it's important to talk to friends and other people about investments and dedicate some time to learn more about finances.

"If you are an income-generating member of your family, get life insurance, get your investments in order, and build your credit score," she said.

She also urged women to chalk out "as little as 30 minutes a month" to educate themselves.

"Put this time towards your money fitness plan," she said.

Commenting on the participation of women in finances and investments in India, Deena Jacob, CFO and Co-founder, Open Financial Technologies, said the societal angle must also be examined.

"Historically, participation of women in finances has not been encouraged so much as a primary role. Of course, this is changing now," she said, adding, "In our work, we regularly see a lot of women ... The good news is women are now coming to the forefront."

Building financial products for women

According to Mehta, women are one of the largest underserved categories in India in the financial market.

"Not only is it an underserved market, it's also a growing market ... Ignoring women is simply ignoring millions of dollars," she said.

"There's a lot of awareness that needs to be built and a lot of behaviour that needs to be changed," she added.

Balancing work and family

While fundraising for Open, Jacob was pregnant and tried to balance work and life.

It's important for women to be able to balance both, said Jacob.

"I think ultimately we as women should be able to show that we can balance ... It only takes a few people to show that balance is possible," she remarked.