Empower women financially

It is essential for women to invest and build their wealth but they often face barriers to accessing investment opportunities.

The business case for serving women with better financial services is clear, with women expected to control over $216 trillion in wealth globally. Alliance research in 2021 showed that fintechs are leaving money on the table by not being gender-intelligent.

Some common barriers include lack of know-how and accessibility. The gender gap in fintech usage is 27.6 per cent! That’s three times greater than the gap in access to a formal account. Using technology and innovation, fintechs are helping bridge this gap and promote gender equality.

To bridge the financial education gap, here are some tips to help you build your wealth.

Educate yourself. Investing can be intimidating, but it’s essential to educate yourself about it. The key thing to understand is what you are investing in and how risky it is. If it doesn’t make sense or is too good to be true, then don’t invest.

Make a financial plan and stick to it. Start by assessing your cash inflows and outflows, scrutinise your expenses and identify areas where you can cut back. Then think about your long-term goals and develop a financial plan to achieve them. When used correctly, money can be a fantastic tool used to design and live out your best life.

Start early, invest consistently and focus on the long term. They say the best time to plant a tree was 20 years ago. The second-best time is now. The advice applies to investing. The earlier you start investing, the more time your money has to grow. Make a habit of investing a portion of your income regularly, even if it’s a small amount at first. Compound interest can do wonders for your money over time.

By taking a strategic approach to investing, women can build financial security and achieve their goals. Let’s continue to work towards a more equitable and inclusive world where women have equal access to financial services and opportunities to build their wealth.

Ms Radhika is a co-founder and CEO of Ndovu, a fintech. [email protected].