How Good are Women of India at Money Management? 7 Myths Debunked!

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What is that a woman can’t do? Although women of India are making their mark as exceptional businesswomen and experts in the financial sector like never before, people still think that women can’t handle money.

It’s sad that even in the 21st century, developing countries like India endure a lot of prejudice against women and follow misogyny almost like a religion.

7 Myths Debunked Regarding Money-management of Women in India

This article is here as a hammer to break these 7 widespread biases or myths regarding the money-management role of women in India.

1. Women are Bad at Taking Important Financial Decisions

It is believed that women of India can’t take important financial decisions like which house to buy or which mutual fund to invest in without running it through a brother, father, or husband. The fact is that women can take their own financial decisions and can also give financial advice to any family member if needed.

2. Women are Financially Dependent on Their Partners

It’s funny that this myth exists in today’s world where women are leading in various sectors such as academics, arts, cinema, and sports. Also, the government, banks, and NBFCs provide particular home loans, credit cards, and loans for women in India.

Women can use these financial facilities to build a house or start a business without being dependent on their partner or spouse.

3. Leadership Role of Women in India Can’t Be Sustained After Children

Having children is seen as a reason to slow down for women. But, for how much time? It’s not a permanent phase, as believed. Women can bounce back to work with better mental and physical abilities after maternity. And technology provides the facility to manage work remotely so that women can be with their children and work simultaneously.

4. Women Spend Frivolously

The general public is made to believe through advertisements and movies that women spend all their money on clothes, shoes, and other luxuries. However, it’s not like men don’t have any hobbies or indulgences on which they spend money. But society has falsely highlighted the spending of women only.

The truth is that for generations, households depended on the savings made by the smart women of the house.

5. Women Can Never Be Friends With Numbers

It’s strange how this bias against women still exists. Look around you! Many women of India are at the top of their game in the financial sector. How is it possible without being good with numbers? You can ask any school teacher as well. There is no evidence to support this belief of women or girls not being as good as boys in maths.

6. Women Don’t Know Stock Market

This may be partly true in the past. But currently, in the times of the internet and technology, women have enough opportunity to learn and update themselves with the stock market. Thus, they gained the confidence to take calculated risks in the stock market.

It’s easy to spot women with diversified investment portfolios, including stocks and retirement plans.

7. Women are Averse to Risky Investments

Besides the super successful Indira Nooyi, Kiran Mazumdar Shaw, Vandana Luthariya, etc., many successful businesswomen are around you if you look closely. If women are averse to risk, how can they be a part of the growing entrepreneur culture? Women are just as prepared to invest in risky investments and perhaps they take better-calculated risks.

If you are a man, the next time you are talking money with a woman, remember that the chances are that you are dealing with a knowledgeable and informed investor and saver. If you are a woman, don’t let any men or women make you feel less capable or informed because of your gender. Your confidence is the key to your respect!