About monikahalan

Monika Halan is a trusted personal finance writer, speaker and author who helps families get their money decisions right. She is a best-selling author and Adjunct Professor at the Indian Institute of Corporate Affairs, a Ministry of Corporate Affairs think tank. She is a regular speaker on financial literacy, regulation, inclusion and consumer issues in retail finance. She has a Master’s in Economics from the Delhi School of Economics and a second Master’s in Journalism Studies from College of Cardiff, University of Wales, UK. She has worked across various media organisations in India, including Mint, The Economic Times and The Indian Express, and was Editor Outlook Money. She has run four successful TV series around personal finance in NDTV, Zee and Bloomberg India. Monika also has public policy experience working with the Government of India as an advisor (Swarup Committee) in 2009, was also a member on the Ministry of Finance Committee on Incentives (Bose Committee), has been a member on the Sebi Mutual Fund Advisory Committee since 2010. She was a member of the Task Force set up by the Government of India to put in place the Financial Redressal Agency. She has three published academic papers in the field of household finance. • Regulating consumer finance: Do disclosures matter? The case of life insurance. Monika Halan and Renuka Sane, NIPFP Working Paper Series, 2017. • Misled and mis-sold: financial misbehaviour by retail banks? Monika Halan and Renuka Sane, Journal of Comparative Economics, 2017. • The case of the missing billions: estimating losses to customers due to mis-sold life insurance policies. Monika Halan, Renuka Sane, Susan Thomas, Journal of Economic Policy Reform, 2014. She was director on the Financial Planning Standards Board India and is a member of the Editor's Guild. She is an author of the best-selling book Let’s Talk Money published by Harper Collins in July 2018. The Hindi translation Baat Paise Ki was released in December 2020. Her first book Seven Steps to Financial Freedom was published by Macmillan in 2005. She is based in New Delhi and was chosen as a Yale World Fellow in 2011. She tweets at @monikahalan

Dont Bank On ‘Em

What’s holding Indian women back from being financially independent? How can you break out of that mindset? Ritu Ailani finds out

Almost every young Indian woman wants to be financially independent, yet so few are the gatekeepers of their own money. Their quest for financial independence often ends at getting a job, contributing to family expenses and spending on whatever they want – clothes, cosmetics or expensive coffee – without being answerable to anyone. The money left over used to be stashed away in steel almirahs. Today, it’s parked in fixed deposits. And both these are inept financial moves.

Women Come Late To The Pay Party

 Sudha Wariar

Private banker Sudha Wariar, Lead Executive Director for Offshore Investments at Torus Wealth Private Limited, has had over 20 years of experience working in the Middle Eastern market, and countless interactions with women from non-finance backgrounds, including at a recent webinar she conducted for Dheya Career Mentors on money management. Wariar observes that the reluctance to take charge of money probably comes from the fact that earning money, in itself, feels like such a huge accomplishment to women that they hardly think about what to do with it.

Women Come Late To The Pay Party Private banker Sudha Wariar, Lead Executive Director for Offshore Investments at Torus Wealth Private Limited, has had over 20 years of experience working in the Middle Eastern market, and countless interactions with women from non-finance backgrounds, including at a recent webinar she conducted for Dheya Career Mentors on money management. Wariar observes that the reluctance to take charge of money probably comes from the fact that earning money, in itself, feels like such a huge accomplishment to women that they hardly think about what to do with it.

It’s Time To Redefine Financial Independence

Dipti Periwal

Dipti Periwal, professor of MBA in Finance at BRIMS Thane, Maharashtra, and a PhD student with a focus on working women and their investment decision-making, agrees. “Earning money isn’t enough. Unless you actively make decisions about what to do with the money earned, you’re not financially independent.”

You must think about your future needs more than your current ones; be frugal with your expenses, so that you can not only save, but also invest in assets that multiply your money even while you sleep. Financial independence has less to do with splurging, and more to do with having an emergency fund that ensures a crisis like COVID-19 doesn’t decimate your savings overnight. It’s not about chasing get-rich-quick schemes, but building generational wealth. It’s about living a life that is not dictated by a pay cheque, a life where you’re free to pursue your real hobbies.

Financial management is not an option, but a life skill. Women tend to ignore it, and then scramble when stuck in a tight spot – a debilitating illness, the death of the breadwinner in the family, or a divorce, occurrences that are more common than we imagine and hit us out of nowhere. Whether you’re a working woman or a homemaker, actively participate in your family’s decisions on the financial front.

Monika Halan

Are You Guilty Of Disinterest?
Having been deprived of financial knowledge for the longest time, women still undermine their own capabilities in this domain. Periwal, for instance, shares that even though she’s more academically qualified than her husband and teaches finance at a post-graduate level, she feels the need to consult him on every little financial decision she makes. It’s not like her husband enforces this or that she’s less informed, but getting his stamp of approval seems important. “My wariness probably comes from my mother, who never dealt with finances her entire life,” she explains. “Although I am a little better off than her in that aspect,
my children might pick up certain unspoken cues from my behaviour. We have to make conscious efforts to break the chain.”

If you’re an Indian woman who’s still under confident about managing money, think about how efficiently you run your life, or even your family’s life. Give yourself credit for your budgeting, bargaining and saving skills. Now transfer those chops to financial management.

Take Charge

Monika Halan

Monika Halan, a personal finance expert and author of the best-selling Let’s Talk Money shared these simple steps for women to take charge of their finances:

Start by changing your attitude. If you find yourself saying “I have no head for numbers”, “I don’t understand money” or “It is too tough for me,” know that you have bought into a gender stereotype. Make financial independence a priority and set goals for yourself to achieve it.

Set up a cash flow system. Start by creating three bank accounts. Your salary account is where all the money comes into your life. Call it an ‘income account’. Move what you might spend in the month to the second account – the ‘spend it account’. All your spending happens from this account – payments to your credit card, wallets, BHIM – everything. This way you can put a cap on your expenses of the month. The money left over in the income account must go into the third account – the ‘invest it account’. Don’t fret about investments at this point. Simply practise separating your expenses from your savings.

Start an emergency fund. In six months, you should have a nice build-up of money in your ‘invest it account’. Use it to start an emergency fund. Build a balance of six months of your monthly spends. Put this money in a fixed deposit or, if you already understand debt funds, in one that is low on risk and duration. It’s after you have created an emergency fund that you can educate yourself on short-, medium- and long-term investments.

Do this to take the reins of your financial future in hand. As they say, the best time to start was yesterday. The next best time is now.

https://www.femina.in/wellness/dont-bank-on-em-228246.html

The time has come to change the poverty narrative in India

A change in the narrative to an I-want-to-be-rich one has the potential to drive the next few decades of economic growth

If you have ever found yourself wondering why the accelerator pedal is not doing its thing, and then looked down to see that if handbrake was on, you know exactly what India’s young are going through – a desperate urge to be rich, but being held back by an old poverty narrative that paints the rich as morally corrupt and evil.

Read More

Argumentative Indians : Are Indian Women Choosing Not To Work ?

14 January 2022

Are Indian Women Choosing Not To Work ?

An engaging conversation around Indian women and the work situation in today’s times with Mitali Nikore, Jyotika Kalra, Ira Singhal and Deepanshu Mohan organized by Argumentative Indians.

30 years of reform. Report card of the Indian financial sector

This article is part of the series 30 Years After: Review and Renew the Reforms Agenda.

Photo by Lucky Trips on Pexels.com

At the heart of the complex web of bits and bytes that is the modern financial system is the ability to exchange and transfer capital (money) between various participants in an economy. Borrowers, lenders, investors and entrepreneurs form the four corners of this very busy square. Traffic flow and participants can either be controlled and owned by the government as it was in India till 1991, or it can be regulated by a set of independent regulators appointed by the government, as it is today in 2021.

When we see the hectic activity in the Indian financial system today, we tend to forget what it was like just 30 years ago — in terms of scale, products, efficiency, cost and service. The sole job of a financial system is to trundle money around to find its optimal use in terms of returns at a low-cost and safety of transactions. But the centrally planned Indian economy used the state-owned financial institutions such as banks and insurance companies to gather household savings for its own use, hard coding this into the reserve ratios in banks and investment guidelines in insurance firms.

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Smart Money: CNBC TV 18 Show on life, health insurance during COVID-19

Insurance has been the buzz word ever since the COVID-19 pandemic. In the special show ‘Smart Money’, CNBC-TV18’s Sonia Shenoy spoke to Sumit Rai, MD and CEO at Edelweiss Tokio Life Insurance, and Monika Halan, Author of Let’s Talk Money, to understand what is the protection cover that one must have for one’s family. They also shared some hacks to buy life or health insurance.

Watch here

https://www.cnbctv18.com/videos/healthcare/smart-money-experts-discuss-need-for-life-health-insurance-during-covid-19-9545101.htm