Instagram pages offer financial advice

Almost 80 per cent audience for these platforms are women

Financial independence is a right that women have fought long and hard for. In India, there has been a push for financial inclusion. As per the Global Findex Survey (2017), 80 per cent of Indians owned a bank account in 2017, compared to 35 per cent in 2011.

However, this effort has not yet reached the women in the country. While the same data suggests that 77 per cent of women own a bank account, it does not automatically translate to actual use of or access to these.

Many women have no knowledge of how to handle finances or make investments. This can be attributed to the fact in most households, men have traditionally taken on the role of making financial decisions. With more and more women entering the workforce, they are also starting to take charge of their income. However, many have found that they don’t quite know where to start. Understanding this gap, many platforms that aim to provide people with the know-how of making sound financial decisions have started popping up.

Take for example, Salt, a finserv platform created by three women from the world of finance. While the app itself has not yet been launched, they are actively working towards creating a community. Stories of women across industries and their relationship with money are being shared in an effort to create a sort of safe space. For many women, this seems important as they feel intimidated by the jargon and exhaustive nature of finance. “I was never taught about investments or savings as a child. I am in my late 20s and I have no savings. Sure, I am not at a well-paying job, but I wish those habits were inculcated in me,” says Shreya (name changed). As a single woman who lives on her own, she used to live paycheck to paycheck. “I want to save, but, the information online seems overwhelming and whenever I ask people they talk down to me, which makes me feel like I won’t be able to handle it,” she adds.

Learn the basics

Akruti Agarwal Iyer, Chartered Accountant, started Wealth Café Financial (@wealthcafefinancial), a platform that various workshops related to finance about three years ago. “We are a group of qualified CAs and Registered Investment Advisors talking about how you need to start learning about managing your finances and where to start,” she says.

The idea is to simply handhold people through an overwhelming experience by helping them take baby steps. The first step? Simply familiarise yourself with the various concepts. “You cannot become an expert investor through social media, but you can learn the basics,” she says.

Aanchal Gupta, founder-director of Conscious Culture (@consciousculture.in), says that she started the platform due to the realisation that there is a systemic and knowledge gap when it came to finances. To this end, she works with organisations and communities that work with women and other minority groups. “When we started we used to invite financial advisors, but often, they convey complicated concepts without breaking them down, which can be intimidating. So, we focus on demystifying these ideas,” she says. For them, the focus is to make their audience capable of doing their own research. “They should be able to ask the right questions, compare different products against their needs and make the right choices,” she says.

Target audience

While many of these groups don’t actively target women, the majority of their consumers are women. Wealth Café Financial conducts workshops for millennials, couples, and corporate employees.

70 per cent of her audience are women. Her company also hosts a series of ‘Femoneyist’ workshops target ting women. “Many women don’t handle money unless life puts them in that situation. While women are now going out and earning, you only achieve financial independence when you invest,” she says.

However, pages that create information for different age groups are rare. “For people in their 30s, who are more comfortable financially, their goals and needs are different, compared to someone in their 20s, in their first job,” says Saina Jayapal, freelance communications professional. Social media, she says, focuses a lot on cheering people on and providing tips or challenges like ‘No Spending April’, but don’t necessarily cater advice to one’s needs. “There is no accountability on social media,” she adds.

For beginners

While most of these pages aim to teach basics to beginners, women who use such platforms say that it is better for those who have some know-how. Aditi Karande, assistant manager with Deloitte, says that she has been following a few platforms such as @brokemillenialblog, @thefinancialdiet and @onebighappylife for the past three years. “It helps me keep a check on my finances. I wouldn’t say I need them, but rather fine-tune what I already know. What’s helpful are some of the tips and tricks they provide,” she says.

Saina says that these platforms have helped her stay updated. “On one level, it keeps me in check, and on the other, when I see that I have ticked those boxes that they recommend, it feels like a pat on the back,” she says.

With social media, however, people need to be cautious. “We devour content on social media with such ferocity that the quality and quantity of posts that these platforms put up tend to stagnate. You have to be careful about who you follow,” she says. The onus of doing due diligence falls on the audience. Research into the platforms and the concepts they talk about. These pages, she says, should simply be seen as a starting point.

Don’t follow sites that recommend products as they can be sponsored, so look out for disclaimers, and don’t fall prey for quick money-making schemes, adds Aanchal.

“Say you go to a mall, and see a size 8 shoe on 70 per cent discount. But, you are size 6. Would you still buy it?” asks Akruti. Products cannot be randomly recommended because each person is different. “Get a financial advisor. Thanks to the pandemic, with everyone taking finances seriously, everyone thinks they are an expert investor. They are not,” she says.

It is a huge market, and so there is a lot of information available online. “Do your research. Be curious. Don’t rely on a single source and take your time. You simply have to start the journey by learning,” adds Aanchal.