How To Have Difficult Money Conversations? Nita Menezes Advices In New Book

Be Financially Smart - A Modern Woman's Guide to Money is a ground-breaking book designed to empower women with the knowledge and tools to navigate the complex world of finance with confidence. Certified Finance Expert Nita Menezes gives financial advice to women and goes a step further by tackling psychological barriers that may hamper women on their financial journey.

Here's an excerpt from Nita Menezes' Be Financially Smart - A Modern Woman's Guide to Money

Money is a topic often shrouded in secrecy and taboo, especially in Indian households where traditional beliefs and practices have relegated women to the periphery of financial discussions. In many cultures, Goddess Lakshmi is revered as the epitome of wealth and prosperity. She symbolises abundance, fortune and well-being. However, paradoxically, the very societies that invoke her blessings often exclude women from actively participating in financial decisions. This lack of inclusion has perpetuated a complex relationship with money, leaving women unprepared and unaware of how to manage their finances. However, this is not just true in India or in a particular culture or society but globally as well. 



In the Indian cultural landscape, discussing money, budgets and financial planning openly has been a rarity. Women and children, in particular, have often been shielded from these conversations, leading to a significant gap in financial literacy. The prevailing belief that ‘a man is a financial plan’ or that financial control should be surrendered to someone else, typically a male member, has further discouraged women from taking charge of their financial lives. 

The truth is, at some point in their lives, women will be faced with making financial decisions. Whether in times of joy or sorrow, being unaware and unprepared can be a daunting prospect. The prevalent notion that financial decisions are solely a man’s responsibility is both outdated and detrimental. It’s time for women to challenge these stereotypes, as waiting for someone else to take control may lead to regrets in critical situations. 

Being afraid or having doubts about financial matters is natural, but it’s never too late to take charge of your financial life. ‘If it is to BE … it is up to ME.’ Acknowledging fear and doubt is the first step; the key lies in applying the knowledge acquired. In a society where women have been kept in the dark about finances, gaining knowledge becomes the catalyst for empowerment. 

Life is unpredictable, and financial challenges can arise unexpectedly. Whether it’s job loss, illness or unforeseen circumstances, being prepared is the key. Women must equip themselves with the knowledge and information necessary to navigate these challenges seamlessly, without relying solely on someone else. 

A recent survey reveals a stark contrast in financial literacy between India and developed nations. Only 27% of adults in India are considered financially literate, compared to 67% in the UK, 59% in Singapore and 64% in the US. This gap highlights the pressing need for improved financial education and awareness in the Indian context. 

In India, mismanagement and mis-selling by some banking and financial professionals have contributed to a lack of trust. Instances of selling risky products under the guise of free financial advice have left many individuals wary and hesitant. This has led to a state of analysis paralysis, where the fear of being deceived hinders proactive financial decision-making. 

Many individuals, including the younger generation, fall into the trap of personal loan and credit card debts without understanding the repercussions. Unchecked spending, accumulating multiple loans and missing payments create a vicious cycle known as the ‘Debt Trap’. Lack of basic financial skills and literacy contributes significantly to this widespread issue. 

An alarming revelation from a survey conducted shares that approximately 50% of the Indian population resorts to borrowing from informal sources. This lack of awareness leads to individuals paying higher interest rates than necessary, highlighting the critical need for financial education to guide them towards formal and affordable financial channels. 

Both in urban and rural settings, women often invest in chit-fund schemes rather than safer options through banks, resulting in substantial financial losses. Lack of understanding about safer investment instruments and a reliance on informal financial practices demonstrate the urgent necessity of financial literacy. 

Excerpted with permission from Be Financially Smart: The Modern Woman’s Guide to Money by Nita Menezes, published by Westland Books.