BENGALURU: The mere mention of Valentine’s Day is enough to conjure an image of all things pink, fluffy and sweet. But three women from the city are on a mission to change what people from the city gift the women in their lives on the occasion. Meet Preetha Wali, Anu Seth and Vinita Jain, the co-founders of Pay It Forward, a financial advisory company. Their idea of the perfect V-Day gift: A financial awareness workshop.
The aim is to gift a loved one something that will last beyond Valentine’s Day and a gift like this would help women gain confidence to take the lead in what is typically considered a male-dominated field, says Wali. “A financial awareness workshop is not only a life changing and motivating gift. It also marks respect for your partner by including them in an area that’s a male bastion,” she adds.
Inside the session
A session goes on for an hour-and-a-half hour and topics are customised based on what participants want. It includes a broad understanding of the basics principles of personal finance, common mistakes to avoid, creating a goal-based financial framework and basics of different assets such as mutual funds and insurance.
Participants at the session are mainly women. The three co-founders explain that they chose to focus on women since they tend to rely on the men in their lives - be it their father, brother or husband - to make their financial decisions for them, thus making them highly dependent and unaware of the family’s assets and liabilities. “When there is an unforeseen situation (for example, they could be unaware of where the partner has invested and hence can’t claim what is rightfully theirs or don’t know about the liabilities and hence loose what they have) they face big issues,” explains Wali, adding that it’s always better to learn when one is not in distress.
Besides women, young employees are also regulars at their workshops. Youngsters, the women say, are now starting to earn early and due to not being taught how to look after their personal finances, tend to not pay attention to saving as a habit or fall into a debt trap due to a home loan, easy EMIs or misselling. “Some of them tend to go with traditional investments like home, gold, fixed deposits and even an insurance policy that is not suitable for them, only because an older person like a father has advised them to do so,” says Wali.
Besides the workshop, Wali also suggests gifting a mutual fund or a SIP. Money can either be transferred as a lump sum or a recurring one, during birthdays, anniversaries or on special occasions. “While all of us like receiving gifts on special days this kind of a gift has a long term benefit as it can also build good camaraderie among the couples and align their goals for the family and each other,” adds Wali.
For more details about the workshop, contact 9902710101 or write to email@example.com