CNBC-TV18’s brand new offering - Financial Quotient is a conversation about women and their money -- a relationship that can sometimes be quite uneasy. Therefore, the aim is to reach out to every woman who is watching to assure them that like all relationships, this too can be mended.
Women are more prone to ponzi schemes or financial frauds and, therefore, the trust factor needs to be cultivated. Both urban and rural women have similar financial fears. Women have a longer life expectancy and therefore there is a greater need for financial security.
CNBC-TV18’s Sumaira Abidi spoke to Maya Vengurlekar, COO-CRISIL Foundation, and Sr Dir, Marketing & Comm at CRISIL, and Roopa Venkatkrishnan, Director at Sapient Wealth Advisors & Brokers.
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Vengurlekar said, “Over the last six years, I have been keenly observing what are the behavioural patterns when it comes to women, and how they tend to think about money. When I share my observations with you, you will realise that these patterns hold true, even for semi-urban or urban women. So few observations are that women have a saving mindset as against investing mindset."
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"Secondly, women tend to save for real life goals, buying an asset, saving for children's education, marriage, or putting money aside for meeting some emergency kind of situations. Maximising returns is never really the key driver for women when it comes to money."
The third observation has been that women are super risk averse. They are very conservative, they want to be very careful when it comes to the hard-earned money. Fourthly, they tend to rely on advice received from a trusted voice. They tend to work with consultants, and many times they tend to be informal people from their network, but whom they really trust whom they know. Lastly, they are very passive and patient about the money.
Venkatkrishnan said, “The reason what lacks people to take a decision, especially women is the fear of investing, the risk of the unknown, and basically saying that most of them take lack of initiative is what I have seen saying that women don't take finances into their hands, they feel saying that their father is taking care, their mothers taking care, or the brother or the husband's taking care. I think it is a lack of initiative, which mainly doesn't give them the initiative to manage their money.”
She added, “Things are changing, that is what I believe - things are changing there. I am seeing a lot of trends, which keep on changing now, where young girls and women do want to be on their own. But one very essential thing, which Maya said was one women empowers the other women and I have seen a lot of women who get empowered because their fellow friends, families, and relatives are managing their own money. So a woman influences the other woman to be empowering herself.”
Watch accompanying video for more.