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Priyanka Chopra once said, “when a woman is financially independent she has the ability to live life on her own terms.” This is a profoundly deep and true statement as money is the passport a woman needs to control her life. These days, it is very common to find more and more women in the workplace. Women are seen taking a keen interest in many areas. The corporate boardrooms also have a healthy mix of male and female participants and this just reinforces the fact that more and more women are embracing their careers and becoming independent. 

However, even with their earnings and accomplishment, women are largely unwilling to speak about money. One would hardly come across a woman who speaks about her finances as freely as a male counterpart would.

I remember broaching an investment topic over a luncheon with a bunch of my girlfriends, and most of them seemed oblivious or uninterested in continuing this conversation. I got a clear message that this wasn’t going to be easy. Women and money talk do not go hand in hand. 

A study conducted by Fidelity Investments even found that a whopping 80% of the women participating in the study were unwilling to discuss their monetary matters. 

Have you ever wondered why this happens? Let’s find out.

Concerns regarding money matters being a private discussion

Money, both their own as well as their family’s, is a very private matter and women don't always feel comfortable discussing the matter with either their close friends or strangers. This is why they refrain from consulting financial experts who may actually help them manage their finances in a more efficient manner. 

Some women also believe it is taboo to talk about money, while others simply allow their superstitious beliefs to overpower their urge to discuss the matter! 

Rita Martin, a 42-year-old baker firmly believes that “bragging” about her earnings would jinx it and lead to her business shutting down.

Uncertainty and low confidence 

While many women are seen in the workplace, the sad reality is that there still is a huge gap in the pay scales of men and women. 

According to the Monster Salary Index (MSI) that was published in March 2019, working women in India earn an average of 19% lesser than their male counterparts.

Many women earn lower than what men earn in similar roles and this causes a lot of uncertainty in the minds of women. The situation has become such that even women who earn at par with men believe they are underpaid. This leads to a drop in confidence and the woman in question feels a bit ashamed to discuss her income and finances as she feels it's low and undeserving. 

The case is even more common among homemakers who work hard and contribute to the family’s finances by putting in their sweat and hard work the entire day. But since they do not get a traditional paycheck at the end of the month, they feel underwhelmed and do not consider their contribution important enough to discuss. This is heart-wrenching, as a woman's contribution to her family is crucial and in most cases, it is the woman of the house who manages the regular budget and plays a pivotal role in saving money. 

Lack of knowledge

If you ask a group of women to start talking about money, they’ll be a bit hesitant to do so. The main reason is that they feel they lack the proper knowledge to speak on the subject. This may be partially true as women seldom focus on talking about money and the other matters related to it. Even when they have the required knowledge, a lack of confidence and experience forbid them from initiating a conversation. 

The only way to come out of this problem is to start talking. As a woman, you definitely know more about money than you think. Start speaking and you will pick up more knowledge and confidence as well which in turn will help you to become financially stronger 

Looking ahead

The study by Fidelity Investments showed that 92% of the women were genuinely interested in learning about proper money management. This shows that though women are largely silent in financial discussions, they do want to know more about the subject and participate in conversations, whether they happen in the living room or in a consultant’s office. 

If you are a woman who faces similar inhibitions as those mentioned above, look to break free. You work hard in whatever you do and you should proudly embrace it. Speak more about your finances and look for ways in which you can make proper investments so that you have more wealth to be proud of. 

Let us start #MoneyKiBaat 

Start discussing your finances with your friends and family members. Have direct conversations about your earnings or general conversations on topics such as investments. The more you speak, the more you will be able to shed your inhibitions and you will gradually become more confident.

It is never too late to learn or never too boring to ask! Seek help whenever you need it. LakshMe is here for you whenever you need any help on any financial topic.  and we will get back to you at the earliest. 

Let go of the inhibitions that hold you back. Be bindaas and start speaking more and more about money. Once you do that, no one can stop you, and womankind in general, from conquering the world!

As the celebrated author, Stephen Richards famously said, “Inaction creates nothing. Action creates success”, you need to become more proactive and start talking about money. Empower yourself and see the world around you unfold in a better and brighter manner.