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‘Glass Ceiling’ is a metaphor popularly used to describe the inability of women to grow beyond a certain point in their corporate careers. I find this metaphor equally applicable to women’s relationship with money.

According to a survey done by Nelson in India in 2013 – 83% of working women do not participate in investment decisions. What is it that keeps women away from this most essential modern life activity?

It is the invisible mental barrier that has been created in the minds of many a woman, that men are the natural money managers. In my experience even women who are chartered accountants, working in banks at senior positions and economics or finance students themselves do not commit to managing their own finances.

Although for last two decades most women started working in economically productive jobs, they have not taken to investments in a similar fashion. Indian women still bear the primary responsibilities at family front. Investment management appears to be an additional job to be taken care of. Women also perceive and comprehend money differently owing to evolutionary, sociological and psychological aspects.

Most women think that financial freedom comes from family/marital status or the jobs that they hold. The reality is that financial emancipation happens when we learn to manage the money that we inherit or earn and use it in a manner to achieve what we want to get out of life. Last couple of decades have been revolutionary for women empowerment in India. But personal money management still eludes them. The natural succession of economically active women should be independent investment management.

For a fulfilling and peaceful life working women should keep their financial life uncomplicated and stress free. More complications may not necessarily mean higher returns. A simple step wise process will go a long way in achieving this goal.

1. Educate yourself: Attend a money management workshop and familiarize yourself with money matters. It is no rocket science.

2. Understand your relationship with money: What do you want your money to do for you? Do you need it to run the basic family expenses? Or is it a secondary income in your family and you want to achieve personal financial freedom with it? Or is it a source of indulgence for the family?

3. Identify your financial goals: Be objective and realistic.

4. Find an advisor: Make sure your adviser understands your emotional and financial needs. It is critical that your adviser is competent, objective and unbiased in his/her advice. Now SEBI regulates the industry and all consultants advising the clients on investments and money matters should be registered with SEBI as an Investment Adviser. Ask your adviser for his credential and his/her source of income. SEBI Registered Investment Advisers are not allowed to earn commissions and brokerages by selling mutual funds or insurance policies to you.

5. Work alongside your advisor: At the end of the day it is your money. Stay in close touch with your adviser as you would with your family doctor. A working women works almost 50 hours a week for money, why not make the money work for you!

If you find money management as a mundane chore that adds hassles to your already burdened life, think of it as a part time job, which will provide higher returns to all aspects of your life with an investment of less than an hour per week.

Whatever may be your stage in life, a carefully curated plan tailored to your needs can change your life and put you on a path of joyous prosperity. But make sure you work with qualified, fiduciary advisors, who make money WITH you and not ON you.

(The writer is a SEBI Registered Investment Advisor and practices fee-only financial planning and investment management services with her entity – Finscholarz. Views expressed are personal)