Today, the financial world is changing fast, and more and more women are seizing control of their financial destinies. But where do today’s women stand in terms of financial literacy? Despite significant strides in education and professional achievements, many women still face unique challenges when it comes to managing their finances. Today, I wanted to explore the current state of financial literacy among women, highlighting the importance of financial independence, and offering some reading material for becoming more financially savvy. As an Indian woman who has lived in the USA and Canada, I feel competent in representing the perspectives of modern Indian women and middle-class North American women. At times, I wonder about the financial choices made by women born into wealthy families, and I find it challenging to grasp the hardships experienced by women living below the poverty line.

But I find one thing that is unique across all cultures worldwide: the “Motherhood Penalty.” This term was coined by “Palki Sharma” my favorite Indian Journalist. And yes, I am going to quote some prominent Indian women in this blog who are my idols.

Motherhood penalty is exactly what it seems to imply. It is the price that women pay to become mothers. Over time, men have begun to take part in household chores much more compared to dads and granddads in the past. However, women continue to do 70-80% of unpaid work at home, often without receiving the appreciation they deserve or a simple thanks. In the words of Indira Nooyi (Former CEO of PepsiCo) a woman’s biological clock is in complete contrast with her career path. When a woman is navigating her career and trying to get hold of it, she is also supposed to get married and have kids. Career breaks for pregnancy and family often become terminal breaks for most women. And the ones who continue to work often struggle to choose between promotion to middle management and demanding teenage kids. Nooyi also says that regrets are inevitable, the former woman who chooses to stay home will regret losing her career and the one who chose her career will regret having no time for her family. 9-5 jobs were not designed for women. The societal judgment and self-imposed guilt both stop women from climbing the professional ladder. A lot needs to be changed for the current working women, more flexibility at work, support from the bosses, and a non-judgmental mindset from our society would be a good place to start.

And, while that happens women must understand one thing that you are not a superhero. You can not do everything, and you can not make everyone happy. What you can do instead is make better financial choices, so you don’t regret old age. Smriti Irani a former actor and a Union Cabinet Minister once questioned “How many modern women do you know who invest their money without taking the advice of their husbands or fathers?” The question struck me really hard. Most women work their 9-5 jobs and the money they earn becomes the families’ money. I too belong to the exact same category. I don’t know any women in my circle who have invested in real estate or stocks or a brilliant business idea just because they wanted to. Women almost always rely on their male counterparts to get some financial advice. This must change; I plan on reading some books to enlighten myself. Here are my top choices:

1. Rich Dad Poor Dad (My Dad asked me to read it as a teenager and I never paid attention to it. Well, it is never too late.)
2. Millionaire Teacher (It is on my bookshelf, haven’t turned a page yet.)
3. Girls that Invest
4. Financial Feminist (The last two books made it to my list because women don’t think like men, and I want to explore that aspect in my financial journey.)

I always feel it is never too late to do anything, and as I said I will name some prominent Indian women that I sincerely follow. Three women that I have come to idolize these days are:

• Priyanka Chopra: Her Miss World crown didn’t attract me. But when she made a place for herself in Hollywood, I started following her. Her public speaking skills, humanitarian work, and her book Unfinished are all accolades of her grit. After reading her book, I feel she is so relatable and yet so accomplished.
• Twinkle Khanna: She was also an actor and born into riches, but she turned an author in her late 50’s. Her books may not be remarkable but what she did at her age despite the Bollywood peer pressure is definitely turning heads.
• Shilpa Shetty: Her entrepreneurial skills know no bounds. I started liking her personality after the reality TV show debuts. Her happy persona and faith in spirituality and yoga definitely resonate with me.

The point here is that these women took charge of their careers and finances, irrespective of their backgrounds and societal pressures. To all my friends out there, let’s break these self-imposed barriers and take charge of our destinies one penny at a time 😊.

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