Correct is the saying that feminism is not only concerned with making women stronger, but it is also rather concerned with providing total equality to the women. Whether it be financially or righteously.
In today’s era, women are rarely confused with contexts like an only daughter, homemaker, a sister, a mother or as the only wife. They are righteously participating in financial decisions of the house; they are seen as a financial advisor of the family; in fact, the CFO of the house, who earns, saves and later invests. This has been a reason, why women play a crucial part in the family’s financial advising.
Women have become strategically more clear with their financial decisions and taking calculated risks. In the study conducted by PWC, it showed the significant growth in female billionaires in comparison to the growth of the male billionaires.
CHANGING ROLE OF WOMEN IN INDIAN HOUSEHOLD
Since decades, there has been a rapid shift where women are acting as financial decision makers and are becoming financially independent. From just being a homemaker and looking after the husband and the children, women have now started taking part in financial matters in the concern. When discussed, they shared a keen interest in being financially independent rather than putting all the financial weight on the shoulders of her spouse or father.
Years ago, it was common to have only one earning person in the household which was indeed difficult for the family to incur all expenses, which later became the root to not saving and not investing, as well. Which, however, laid an impact on the financial stability and future financial planning of the family.
With time, women started to become financially independent and helping the family in increasing the sources of income. Where women used to save money in cash or either in gold are now earning and investing.
A growing percentage of dual-income families indicate the primary breadwinners are females. Still, in most families, men are the primary person that is responsible for generating income; however, women play a larger role in managing the budget, expenses, savings and relocating different sources of earning. In various studies, it has also proved that women are becoming more financially independent rapidly yet steadily.
Be it a single working woman, a married working lady or a homemaker, women are taking the reign of financial decisions in their hands. They are fulfilling the role of the CFO in the household and rocking it as they always do.
Arti Devendran, a digital marketing professional based in Navi Mumbai, is an example of starting early and making it big. Her father’s enthusiasm for the stock market grabbed her attention to investment in the financial market. She started investing at a tender age of 20 under the guidance of her father. Arti’s investment journey has been one roller-coaster ride to date. However, she did not let fear overcome her passion for the stock market.
Now 28, not only does she has a well-diversified portfolio in stocks but also a good mix of other investment especially in fixed income instruments like non-convertible debentures and real estate. She is the rare breed of women investors who is a perfect combination of training and instinct for investment. However, she relies more on her judgment to build and manage an investment portfolio.
While cases like Arti Devendran were rare to find earlier, we may now find a rising trend of such single, well-educated and earning women especially in tier 1 and tier 2 cities.
Homemakers too are fast assuming the roles of the CFO of the household. Though in most of the cases women make a joint decision with their spouse, there are some women who have taken absolute control of the finance.
Gayatri Maan married after working for 2 years in corporate finance. She continued working after she tied the knot. However, she had to quit working after her first daughter was born. She found her financial independence lost.
Gayatri, then, took over the managing investments for the family and has proved her mettle through rewarding returns. Over the years, she has built a portfolio that includes debt and equity mutual funds fixed deposits, gold, and some shares. Her exposure to finance and help from some ex-colleagues sailed her through. She is a full-time homemaker and wealth manager of the family.
It was not easy for women to challenge the stereotype and overcome it. They have proved their mettle over time as financial planners. Ultimately, it has been about changing a mindset and creating more awareness so that more women become financially important.
