The finance industry continues to evolve. According to RM Vishakha, MD & CEO, IndiaFirst Life Insurance Company, today, more women have succeeded in the financial industry by building strong networks.
In an interview with MintGenie, Vishakha said that due to the inherent highly nurturing nature of a woman, there is a tendency for women to prioritize requirements and essentials.
Edited Excerpts:
Q. What money advice would you give to young girls, students, and newly working women?
One piece of advice I would like to share with all young girls, students, and newly working women is to have two separate Savings bank accounts: One where you receive all the income from various sources and another from which you incur all expenses. Transfer a fixed amount on a defined periodicity from the income account to the expense account. This will inculcate a discipline to live within your means and also, build your savings corpus. Once you have a reasonable amount of money in your “income” account, start creating investment options. By being smart with your money, you can achieve your financial goals and have more control over your future.
Q. What does money mean to you?
Financial independence always empowers a woman to live life on her own terms. It is not a matter of chance but a matter of choice. Hence, to me, money means Freedom.
Q. 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 do not think there is anything to do with perception. For example, banking jobs were always considered to be ideal jobs for women because of the safety and stability attached to the institutions.
At IndiaFirst Life Insurance, the positions of Appointed Actuary, Chief Investment Officer and Chief Strategy Officer are held by women.
Today, more women have succeeded in the financial industry by building strong networks, seeking out mentors and advocates, and gaining the skills and knowledge necessary to triumph. As the finance industry continues to evolve, it is imperative that we support women and promote gender diversity in leadership roles.
Q. Share with us a piece of advice you always follow when it comes to money.
Be value conscious when it comes to using your hard-earned money.
Always ask yourself if something is worth the cost and the value it will bring to your life. By being mindful of your spending and making conscious and intentional choices, you can maximize the value your money will generate for you.
Q. How do you think men and women differ from each other when it comes to handling money?
I do not think there is a gender difference when it comes to handling money. The attitude towards money, financial responsibility, value consciousness, and making the money stretch are all essentials for sound financial management and these are gender agnostic.
Gender stereotyping when it comes to money management can be harmful and limiting. I believe every individual should be able to develop their own financial skills and awareness irrespective of gender.
Q. What do men need to learn from women on the money front?
Considering that my belief is that the skill sets for managing money are gender agnostic, there is nothing specific that differentiates men and women. However, in general, it is observed that due to the inherent highly nurturing nature of a woman, there is a tendency for women to prioritize requirements and essentials, like placing the children’s educational needs and health needs above luxuries and non-essential expenditures.
