Priya Sunder tells women how to stay financially empowered through simple daily actions

Every March, as if on cue, the words ‘financial independence’, ‘financial self-reliance’ and ‘financial empowerment’ appear in the media till March 8th, observed the world over as International Women’s Day. But just as suddenly as they appear, these words disappear from public discourse and the media, only to be dusted and resurrected next March.

Not surprising because talk about financial independence seems to be seasonal, restricted to a fortnight around Women’s day, like the blossoming of the golden tabebuia in Bengaluru. “This tokenism has to stop. These conversations have to continue throughout the year. Women must push for these conversations because they impact women the most. We must ask for dedicated pages in our media to keep financial independence alive in women’s minds, and not just in the business papers,” says Priya Sunder, Co-founder and Director, PeakAlpha Investments, an award-winning investment services company, based in Bengaluru.

An AdReaction report in 2019 by Kantar says that 58 per cent of the ads on TV target women. ‘These ads are exhorting women to buy – things for their home, their children, themselves, cosmetics, shampoo, washing powder, home appliances, cooking oils, jewellery. And around Women’s Day, brands are telling women to buy even more – jewellery, clothes, cars and houses to celebrate themselves. While the messaging is towards promoting a culture of consumption, I don’t see a corresponding share of information to educate women (and men) on how they’re supposed to finance these purchases. The basics of finance and investment are missing in our school syllabus. It’s missing in the media. But there’s an unspoken understanding that somehow you must become aware of the complex world of finances. So, people ask their neighbours and co-workers and family members how to invest, which is often not suited to their particular goal and family situation. And sometimes, it’s plain wrong information that is shared by people who are misinformed,” says Sunder.

But Sunder always stirs up a room by telling people that women are already empowered. It’s just that they give up their empowerment (financial or otherwise) to their fathers, brothers, husband or other people in their family.

“40 per cent of our 5000-plus customers are women. And many of them are great at tracking goals. While the men ask me why the family’s portfolio is not in sync with the current stock market valuations, women, when they are involved in the planning process, almost always get why personal portfolios may not be in sync with the markets because personal goals, timelines to those goals etc are very specific and personal to an individual. For example, if an educational goal is two years away, you cannot have that portion of the portfolio exposed to the market. It must be held in safe assets. So, in this situation, your personal portfolio will not be in sync with the market. Women understand this better, because they are emotionally attached to goals, not portfolio growth as much,” says Sunder.

Sadly, only when there’s a crisis like a separation, divorce or a death of a spouse do women come to us for help, adds Sunder, whereas men don’t wait for a crisis to seek financial planning advice.

Sunder also points out that women are great at managing the family budget but many of them don’t even know how much their husband earns, how much insurance they family has, if there’s a retirement fund, a health insurance… “We had someone reach out to us to say that her 55-year-old mother had recently been widowed and had never stepped into a bank. Women must start taking an interest in the financial matters of their family and this is one of the ways to stay empowered,’ says Sunder.

Another way in which women can stay in control and believe that they are truly empowered is to change the language around money. “Saying ‘I don’t understand money,’ ‘Money and I have no truck with each other,’ is as bad as men saying ‘I can’t cook.’ Financial literacy and cooking to feed yourself are survival skills and everyone, irrespective of their gender must know this,” says Sunder.

Changing long-established patterns is hard but women have to initiate that change, as much as they can hope that allies within their families and workspaces and the society at large will help them stay empowered and include them in financial conversations. “We have to lead the way. Start talking about money and investments when you meet your women friends. If you’re working with a financial planner and have taken charge of your finances, share it and talk about how it makes you feel.

If you’re working with a financial planner and have taken charge of your finances, talk about it with your women friends. Financial independence is about feeling good, feeling secure and feeling happy that you’ve done the right thing. In sharing with your friends, you encourage another woman to being financially independent ­

– Priya Sunder, Co-founder and Director of PeakAlpha Investments
Financial independence is about feeling good, feeling secure and feeling happy that you’ve done the right thing. In sharing with your friends, you encourage another woman to being financially independent. Also, you don’t have to be a billionaire to start financial planning. Anyone, absolutely, anyone can,” says Sunder.

If women are working, studying and have the right to vote today, it’s thanks to the early feminist movements which ironically gifted women what was rightfully theirs. But women can’t rest on these accomplishments. They need to keep the good work going for themselves, their daughters and sons, brothers and husbands, and generations who will carry forward their legacy.

Despite how far women have come, financial independence is a distant dream. And if there’s one index to measure how truly independent a woman is, it is this. Let’s make this dream come true by taking small steps every day.