Women's Day is a special day to celebrate the amazing women in our lives. On this day, we acknowledge and honor the strength, courage and determination of women everywhere. We take the time to appreciate their contributions to their families, their communities and the world.
Talking about finance, this world has long been a male-dominated one, but the tide is slowly shifting. In recent years, more and more women are entering the finance industry and making their mark.
Twinkle Jain, a finance content creator told MintGenie in an interview that, when you are informed enough, you will automatically become confident in making financial decisions. In April 2021, she started making videos on Instagram to spread financial literacy, aiming to make everyone their own CA. Today, she has over 400k+ followers across social media.
Edited excerpts:
What does money mean to you?
Coming from a baniya family, money has always been important but it was never an end goal for me. I see it as a means for attaining freedom, not just financially, but in every way. In my opinion, money is not everything, but it is a catalyst to do whatever I aim for in my life, financially, mentally, or emotionally.
For some reason, finance is still considered a man's industry. Take us through the beginning of your work in the financial industry and the challenges you faced.
I agree that finance is considered to be a male-dominant industry. Given that our society believes in gender-specific roles. But, I notice a drastic change. I can name various inspiring female entrepreneurs and leaders who are ruling the finance industry right now. Why go far when we have a female finance minister in the country?
Talking about my experience in the finance industry, when I started working, fortunately, I never really faced any discrimination among my peers. Be it in my previous organization or in content creation, I saw women doing better than males. The primary reason, society's perspective is changing.
Share with us a piece of advice you always follow when it comes to money.
Mantras I follow when it comes to money-
I have always been a frugal person, therefore, I always think twice before spending on anything. In my opinion, one should wait for 2 days before buying. It will give you time to revise your decisions.
It’s okay to make impulsive purchases sometimes because you are earning to fulfill your dreams and it is okay to have materialistic dreams, still, make sure that you are buying to please yourselves, not others, as show-off has no limit. Buy things to make yourself happy and not others.
Use money as a catalyst to achieve your purpose. Don’t be frugal when investing in ‘yourself’.
How do you think men and women differ from each other when it comes to handling money?
In my family, I have seen my parents making decisions collectively. While men may have their own strengths, I believe women are smarter with money. They make less impulsive decisions. They are better with budgeting. They think for a longer term. The best example is our mothers who spend every penny cautiously, who think of the long term and save for the future of the whole family.
What changes have you seen in the way women approach their finances in the last few years?
I have seen the growth rate of females in leadership positions in the country. Corporations are shifting their perspective from hiring based on gender to hiring based on skills and past experiences. The same goes for corporate promotion as well.
Also, there is skyrocketing growth in the number of women entrepreneurs in the country, for example, Falguni Nayyar, Richa Kar, Kiran Mazumdar, Vineeta Singh, the list goes on and on.
What do men need to learn from women on the money front?
If we talk about a fun fact, men need to learn ‘the art of bargaining’ from women. But sincerely speaking, budgeting is a crucial aspect of personal finance management which I think women are really good at, and men need to learn from us. I personally learned these from my mother, who had been taking care of household expenses every month with minimal budget in her hand.
What money advice would you give to young girls, students, and newly working women?
Three things I have to advise:
I received life-changing advice from a woman once, “Marry, but don’t leave your job. Leave the man, but don’t leave your job”. And that made a lot of sense. Never leave whatever you are doing to earn money just because you are getting married.
Secondly, take charge of your finances and don’t be dependent on significant men in your life for the same. Earn your bread, pay your bills, make sure insurance is in place, keep an account of your money, and look out for your future.
And last, learn how to save and invest. You can also start with micro-saving habits. Start a SIP at least.
How can women be more confident when making financial decisions?
When you are informed enough, you will automatically become confident in making financial decisions. Utilize free resources to learn, like Zerodha Varsity.
What do you think needs to change to improve gender equality in the finance world?
Everyone needs to change their perspective to improve gender parity. It is not a one-person task. A single contribution towards the same will have a greater impact. Also, every good change starts from our house itself. If everyone in their house starts giving importance to the same, we will start seeing improvement automatically. Encourage girls in your house to study, earn, and live their dreams. And girls, never let anyone doubt you because you’re a female.
