WWW REDEFINED: WEALTH IN WOMEN'S WALLETS

Why do women not make money or take money seriously?

- NAMRATA KOHLI

How many women in India have a concept of "my money" as different from family savings? Rather than a pragmatic view of money being a means to a good life, most women have an emotional relationship with money—one which is tied to guilt, control, or sacrifice. Her money is still considered "supplemental" and as a bonus and never as a priority. Even in cases where she is earning, there is a hesitation to invest. Women merely save, which is actually negative return—if you saved Rs 100 then next year its value is merely Rs 90 if you factor in inflation of 8–10%. Financial freedom needs to be a goal and not just a byproduct.

Last week, I was a speaker at an event on "Financial Empowerment of Women—Bridging The Gender Wealth Gap" at the TalentNomics India's 9th Global Annual Conference, in partnership with Konrad Adenauer Stiftung's Regional Economic Programme Asia (SOPAS). The event titled "Restoring the Equiverse: From Vision to Action" explored various dimensions of financial empowerment or the lack of it. But before financial empowerment, let's talk about financial literacy. Every woman ought to know a few fundamentals about how they can generate wealth from income—Invest from Day 1 of earning. The younger you are, the greater time you have to reap returns. Say a 20-year-old has a 35-year-old window to earn and maximize return.