Pagaya’s Post

In India, the power of a gender-intentional digital public infrastructure has been evident in government initiatives like the Pradhan Mantri Jan Dhan Yojana, which celebrates its 10th anniversary today and stands as a testament to India's commitment to #FinancialInclusion. We partnered with public sector banks in 21 Indian states to bring this savings solution to over 14.5 million women. By focusing on the specific needs of #women, we expanded its offerings to include insurance, pensions, and credit, helping women access a broader range of financial services. Women's financial inclusion is not only an economic imperative, but also an accelerator of sustainable development for all. Read more from Mary Ellen Iskenderian and Amitabh Kant (G20 Sherpa of India): https://bit.ly/4fVOjFZ #GenderLensInvesting #GenderEquality

Hello everyone let's try to understand a very interesting and important topic, which is Women and Financial Independence in India. For me Empowering women is not just a goal, it's a global necessity. Today, women are not just contributors but architects of financial independence. So join me in unraveling the threads of empowerment as we explore the transformative journey of Women and Financial Independence in India. Financial independence is the ability to make your own financial decisions without depending on others. It gives you the freedom to pursue your goals, dreams, and passions. It also provides you with security, confidence, and peace of mind. However, in India, many women still face barriers to achieving financial independence. Some of these barriers are: 1. Lack of financial education and awareness 2. Limited access to financial products and services 3. Family responsibilities and expectations that limit women’s time and resources 4. Gender pay gap and discrimination in the workplace These barriers not only affect women’s well-being but also the economic growth and development of the country. According to a report by McKinsey, if women participated in the economy at the same level as men, India could add $770 billion to its GDP by 2025. (https://rb.gy/wruylb and https://rb.gy/426uu7) So, how can we empower more women to become financially independent in India. Here are some suggestions and solutions: I. Educate yourself and others about financial literacy. Learn the basics of budgeting, saving, investing, and managing your money. Seek guidance from experts, mentors, or online resources. Share your knowledge and experience with other women in your network and community. II. Take charge of your finances. Set financial goals and track your progress. Create an emergency fund and a retirement plan. Diversify your income sources and invest wisely. III. Challenge the stereotypes and biases that hold you back. Don’t let society or family dictate what you can or cannot do with your money. Assert your rights and voice your opinions. Negotiate for fair pay and equal opportunities. Seek support from allies and mentors who can help you overcome the challenges and obstacles you face. IV. Inspire and support other women to become financially independent. Celebrate the achievements and successes of women who have broken the barriers and achieved financial independence. Mentor and coach younger women who are starting their careers or businesses. Join or create groups and platforms that promote women’s economic empowerment and financial inclusion. Financial independence is not only a personal goal but also a social responsibility. By becoming financially independent, we can contribute to the economic growth and development of our country, as well as the well-being and happiness of ourselves and our families. Let’s join hands and work together :) Parth Verma The Valuation School #finance #100kgiveaway #thevaluationschool

Thought-provoking piece by Melinda Gates. 'Another step countries can take to boost women’s economic power is building safe and inclusive digital public infrastructure. dpi, as it is commonly known, is as essential to the 21st-century economy as roads and bridges were to the eras before it. If women have equal access to the mobile technology they need to use it, dpi can help accelerate their economic participation. Last December I visited India to learn more about its digital transformation. Across the country, India’s digital id and payments systems have enabled millions of people to use financial services for the first time. In Delhi I met a 90-year-old widow who showed me how she can now access her pension payments on her phone, instead of making the long, difficult journey to the bank. In places where social norms restrict women’s mobility, this is a game-changer. The proportion of Indian women with digital bank accounts jumped from 26% to 78% in the ten years to 2021. With a digital account a woman gains a safer place to store her savings, access to other services, such as insurance, and, perhaps most important, more control over how her money is spent.'

Some good insights by Ashish Naik!

Empowering India's Future: Simran Sharma advocates for inclusive measures in the 2024 budget to boost women's financial participation. Let's pave the way for a more equitable and prosperous nation! Read more at - https://lnkd.in/gFAfpCT4 

𝗧𝗵𝗲 𝗡𝗲𝗲𝗱 𝗳𝗼𝗿 𝗮 𝗖𝗵𝗮𝗻𝗴𝗲 𝗶𝗻 𝗠𝗲𝗻𝘁𝗮𝗹𝗶𝘁𝘆: 𝗩𝗼𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗥𝗶𝗴𝗵𝘁 𝗠𝗶𝗻𝗱𝘀𝗲𝘁: As the #Loksabha 2024 elections are ongoing, it's imperative to reflect on the importance of voting with the right mindset, particularly when considering the macroeconomic effects of basic ideologies. Voters need to look beyond short-term gains and understand the broader impact of their choices. 𝙀𝙭𝙖𝙢𝙥𝙡𝙚 𝙤𝙛 𝙝𝙤𝙬 𝙩𝙝𝙚 𝙢𝙖𝙨𝙨𝙚𝙨 𝙡𝙤𝙤𝙨𝙚 𝙤𝙪𝙩 𝙬𝙝𝙚𝙣 𝙩𝙝𝙚𝙮 𝙩𝙧𝙮 𝙩𝙤 𝙗𝙚𝙣𝙚𝙛𝙞𝙩 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚 𝙨𝙝𝙤𝙧𝙩-𝙩𝙚𝙧𝙢 𝙖𝙣𝙙 𝙛𝙧𝙚𝙚 𝙤𝙛 𝙘𝙤𝙨𝙩 𝙗𝙚𝙣𝙚𝙛𝙞𝙩𝙨: As someone who likes to follow political updates, I went through the manifestos of two political parties, for the sake of neutrality, I will refer to them as the "Sunrise Party" and the "Horizon Party." The stark differences in their ideologies highlight the need for practical and logical decision-making over ephemeral benefits. [You may check the manifestos, as you should, to see which one is which] 𝗛𝗼𝗿𝗶𝘇𝗼𝗻 𝗣𝗮𝗿𝘁𝘆'𝘀 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵: ➡The Horizon Party's manifesto proposes an annual direct cash transfer of Rs 1 lakh to one woman from each of the country's poorest families. While this might seem like a generous and immediate solution to poverty, it's important to consider the implications and effectiveness of such a policy. 𝗦𝘂𝗻𝗿𝗶𝘀𝗲 𝗣𝗮𝗿𝘁𝘆'𝘀 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵: On the other hand, the Sunrise Party's manifesto promotes the idea of empowering women by encouraging them to join self-help groups such as Anganwadi didi, bank wali didi, and medicine wali didi. ➡ This approach provides tools for women to become financially self-reliant, aiming for a sustainable income of at least Rs 1 lakh per annum per household. The primary goal here is to support economically disadvantaged women by providing them with a loan of Rs. 5 lakh without interest. ➡ This scheme empowers women to initiate and grow their businesses, helping them break free from financial constraints. Their aim is to create 3 crore 'lakhpati didis' (prosperous sisters) in villages across India. 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗜𝗺𝗽𝗮𝗰𝘁: 🔶 The Horizon Party’s cash transfer is a short-term fix. It utilises taxpayer money and provides a temporary relief that might be spent on necessities, lined-up expenses, luxuries, or, in some cases, investments. 🔶 However, it does not contribute to long-term asset creation or sustainable economic growth. 🔶 In contrast, the Sunrise Party’s interest-free loan is designed to be an enabler. It provides women with the means to create and grow their businesses without the burden of interest. As voters, it's crucial to adopt a mindset that values long-term benefits and sustainable development over immediate but fleeting gains. By supporting policies that promote self-reliance and sustainable growth, we can ensure a brighter and more prosperous future for all. #Loksabha2024 #Vote #WomenEmpowerment #EconomicGrowth #India

A true sense of independence comes from financial autonomy. Women have been a minority... Both on workforce participation and financial planning. Societal norms, decision to prioritize child care are amongst prime reasons for this. As per the Periodic Labor Force Survey: Women workforce participation in India is at 23% vis-a-vis a worldwide average of 50%! But this is fast changing Today the Female LFPR (Labor Force Participation Rate) has increased from 23.3% in (2017-18) to 37% (2022-23) In India, Women are also increasingly learning to manage their own finances! A report (CRISI-DBS) shows that today 47% of women today make independent financial decisions. Financial literacy, access to real time information, better knowledge of and experience with financial products are responsible for this encouraging trend. Today : ✴ 65% of  women above 45 years of age take more independent financial decisions. ✴ 58% affluent women take more independent financial decisions as compared to 38% semi affluent women ✴ 55% of self employed women take more independent financial decisions are compared to 39% salaried women Imagine the cascading impact this could have on our society's financial wellness! Women who confidently manage their money can inculcate ‘Financial values’ to the next generation! Simple but life changing ‘financial values’ like : ✴ The Importance of starting to invest early  ✴ Terrific benefits of compounding even with tiny disciplined investments  ✴ Creating ‘inflation-adjusted’ wealth via equities and alternate assets  ✴ Importance of a long term perspective in equity markets  ✴ Never falling for the speculative trap And so much more… And this is what we do at LXME. Everything we do inside and outside of the LXME platform is focused on facilitating this change Our Financial literacy sessions are a key medium through which we try to empower women in corporations, associations, and various cohorts. We help women learn simple, powerful financial concepts that could transform their financial future for good! Signup for one today, DM me to know more about our Financial Literacy sessions and for any collaborations. #womenempowerment #personalfinance #womeninindia And while you are at it do check out our app here. https://lnkd.in/dNZ3jm-9

9 Reasons Why Financial Freedom is Vital for Women in India: Empowerment isn’t just about making your own choices. It’s about having the foundation to do so. Here’s why financial freedom is crucial: 1. Breaks societal barriers ↳ Financial independence challenges traditional roles. ↳ Women take control of their lives, not just their households. 2. Encourages education ↳ With financial freedom, women can pursue higher education. ↳ Education opens up more doors for career and personal growth. 3. Enhances decision-making power ↳ Money means a say in household and personal decisions. ↳ It shifts the dynamic from dependency to partnership. 4. Ensures a safety net ↳ Savings protect against unforeseen circumstances. ↳ It’s crucial for dealing with emergencies or life changes. 5. Promotes gender equality ↳ When women manage their finances, it balances the scales. ↳ Equality in finances leads to respect and understanding. 6. Fuels entrepreneurship ↳ Financial freedom supports women in starting their own businesses. ↳ Empowers them to become job creators, not just job seekers. 7. Supports retirement planning ↳ It’s essential for women to plan for retirement. ↳ Ensures they are not dependent in their later years. 8. Improves health and well-being ↳ Financial security can lead to less stress and better health. ↳ Allows access to better healthcare and lifestyle choices. 9. Strengthens families ↳ When women contribute financially, families become stronger. ↳ It can elevate the family’s overall standard of living. Financial freedom isn’t just a goal; it’s a necessity. It’s the key to unlocking a world of possibilities for women in India. ♻️ Share this to inspire financial freedom among women. And follow for more insights on empowerment and independence.

Through her research, American economist Claudia Goldin, a Nobel Prize winner in Economic Sciences, established that women are “vastly underrepresented in the global labour market and, when they work, they earn less than men.” According to the estimates of the World Inequality Report 2022, in India, men earn 82 percent of the labour income, whereas women earn 18 percent of it. But here's the silver lining: Friends of Women's World Banking (FWWB) is bridging this gap by empowering women entrepreneurship programs. By supporting women transitioning from livelihood activities to small/medium businesses, FWWB is paving the way for economic independence and closing the financial gap. FWWB doesn't just provide loans; it offers financial education & business skills training, which equip them to turn their skills into successful businesses, boosting their income and economic independence.

We are on a mission! To spread awareness about how women are leading the charge in a traditionally male-dominated realm of personal finance and wealth management. Our Co-founder and lead consultant, Priyanka Bhatia shared her views on "how women in India are strategically navigating their financial journeys to optimize their income potential" in a byline that appeared in Money9. Key Highlights: - Emerging trends and technogical advancements that is catalysing profound changes in the personal financial landscape in India - The critical role of financial education in providing insights to women on budgeting, saving, investing, and retirement planning. - How building financially empowered women can unlock their full potential as drivers of economic growth and prosperity in India and beyond. 🔗 Link here - https://lnkd.in/dXGfXViE Join us in celebrating this empowering movement and make a difference to the women in your life ! 💖💼 #WomenOnWealth #FinancialEmpowerment #BreakingBarriers #PersonalFinance #WealthManagement #FinancialEducation 🚀💬