In which I get quoted…
However, Monika Halan, certified financial planner, consulting editor at Mint and author of financial advice book Let’s Talk Money, says that despite this, financial decision-making is still often left to male family members.
‘That crucial difference between saving and investing is really the key to female empowerment,’ Halan (pictured) said.
‘As you grow up, money matters are usually dealt with by the man in the house, whether that’s a father or a brother. Women grow up seeing their mothers spend and save but never invest.’
Over the past few decades, the drive towards female empowerment has shifted from getting women into education to getting them into work, Halan believes.
‘You discover that even when women go to work, the financial power remains with men,’ she said.
Does finance benefit society? The answer is: It depends. The answer depends on who is asking the question. Ask the average person in a living room in India and the answer will be a resounding no. Households prefer real assets such as gold and real estate to financial products. They have good reason to distrust finance due to fraud and episodes of institutional cheating of household savings—either through rules that work for the companies or due to financial repression that sees purchasing power melt away because of inflation. Another reason why individuals distrust the financial sector is due to the mismatch between what the priests of high finance do and what they earn. Just for trundling money around and then losing a lot of it for us, why should these guys be paid millions is a question that’s often asked. Of course, it does not prevent the same individual from encouraging his kid to join high finance. After all, the money and the good life is there.