Women's day celebrates the social, economic, cultural and political achievements of women. In the realm of finance, it is important to take note of the progress women have made in this field. It's an opportunity to recognize the accomplishments of women in finance, as well as discuss challenges that still remain in this industry.
Anamika Rana, an Instagram finance content creator tells MintGenie in an interview about how encouraging mentorship and sponsorship programs can help women connect with experienced professionals who can provide guidance and support.
She is a chartered accountant and a graduate from the Shri Ram College of Commerce, Delhi University. She has rich corporate experience having worked with global giants such as KPMG, Ernst & Young, Deloitte, and Grant Thornton. In 2020, Anamika decided to pursue her passion for entrepreneurship and started creating digital content for multiple fintech brands.
Edited excerpts:
What does money mean to you?
The meaning of money is subjective and can differ from person to person. But personally, to me, it means freedom of time and the freedom to decide what work I want to do in order to follow my passion and eventually pursue the path to happiness.
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.
Despite progress in recent years, finance is still perceived as a male-dominated industry, and women face various challenges in entering and advancing in this field.
Personally, for me, the underrepresentation of women in leadership positions in my office made it difficult for me to find role models and mentors who could provide guidance and support. Apart from this, since finance is a demanding and high-pressure industry it often required long hours and extensive travel which was a bit challenging. To overcome these challenges, women in finance should be proactive in seeking out opportunities, building relationships, and advocating for themselves.
Share with us a piece of advice you always follow when it comes to money.
This might sound philosophical but it’s true and I realized it only with time. “Money should never be the end goal rather it should be a tool to achieve your end goal.”
How do you think men and women differ from each other when it comes to handling money?
I might be biased in answering this, but based on my observations I feel that women tend to be more risk-averse than men when it comes to investing, and they are more likely to prioritize financial security and stability over high returns. On the other hand, men may be more likely to engage in risky financial behaviors, such as trading frequently and investing in speculative stocks.
Also, women tend to have lower financial confidence and literacy than men, which can affect their ability to make informed financial decisions.However these are general trends and ultimately financial success is determined by a combination of knowledge, skills, and attitudes, regardless of gender.
What changes have you seen in the way women approach their finances in the last few years?
Out of many changes which I have noticed in women’s approach toward finances, some of them are; Women are becoming more involved in managing their finances and are taking a more proactive approach to investment and financial planning. Another trend is that women are prioritizing financial education and literacy such as attending financial workshops or using online tools and apps to track their spending and savings.
Also due to growing recognition of the unique financial challenges that women face, there is increasing advocacy for policies and programs that address these challenges and support women's financial security and independence.
What do men need to learn from women on the money front?
I don't believe that there is a specific set of skills or behaviors that men need to learn from women when it comes to managing money. However, there are some general attitudes and behaviors that can be beneficial for anyone, regardless of their gender.
The two main lessons which I think men could generally get inspiration on from women are debt management and prioritizing financial security and stability over high returns.
What money advice would you give to young girls, students, and newly working women?
The most important suggestion would be to “start saving early”. Even if you can only save a small amount each month, starting early can help you build a strong financial foundation and take advantage of the power of compound interest.
And the second piece of advice would be to “Invest in yourself”. Whether it's through education, training, or networking, investing in your skills and knowledge can help you increase your earning potential and advance your career.
How can women be more confident when making financial decisions?
Here are some tips that can help women be more confident when making financial decisions:
- Educate yourself: Take the time to read books, attend workshops, and research online resources to gain a better understanding of financial concepts and strategies.
- Seek out advice and support: Don't be afraid to seek out advice and support from trusted sources, such as financial professionals or friends and family members who have experience with personal finance. Talking to others who have been in similar situations can help you feel more confident and informed when making financial decisions.
- Practice decision-making: Making decisions about money can be challenging, but practice can help you build confidence. Start by making small financial decisions and gradually work your way up to larger ones. As you gain experience and confidence, you'll be better prepared to tackle more complex financial decisions.
What do you think needs to change to improve gender equality in the finance world?
Improving gender equality in the finance world will require a multi-faceted approach that addresses a range of issues. Here are some potential areas of focus:
- Addressing bias and discrimination: One of the biggest challenges facing women in the finance world is bias and discrimination. Companies need to take steps to address these issues, including implementing policies and training programs that promote gender equality and diversity.
- Encouraging mentorship and sponsorship: Women in finance often face a lack of support and mentorship, which can make it harder to advance in their careers. Encouraging mentorship and sponsorship programs can help women connect with experienced professionals who can provide guidance and support.
- Increasing transparency around pay and promotions: Women in finance often face disparities in pay and promotions. Companies need to increase transparency around these issues and ensure that all employees are paid fairly and have equal opportunities for advancement. Overall, improving gender equality in the finance world will require a concerted effort from companies, industry associations, and individual professionals.
