Women in the present day try to work laborious and earn extra to safe their future. However, the idea of “financial independence” stays elusive for them as most households nonetheless have males making the monetary selections. Women proceed to be reluctant to hunt assist and recommendation on managing their funds, together with those that think about themselves financially unbiased. A latest report is an eye-opener on this context: 91% of ladies don’t make investments their cash independently and a stunning 98% don’t have any plans for his or her retirement.
Technology could change this state of affairs, as is being exemplified by a fintech startup that goals to revolutionise monetary planning for ladies. Founded by Priti Rathi Gupta, Being LXME (Be your individual Laxmi) is a India-focused neighborhood began on Facebook (now additionally on an app) that’s enabling girls to handle funds by offering them with the correct data and instruments.
The monetary platform is a one-stop vacation spot for all issues to do with girls’s cash. With its Community characteristic, LXME has created a trusted and protected women-only neighborhood, providing “smart content that gives you the right financial education to build your wealth, tips to manage your personal finance, and investment options like gold & mutual funds, best suited for your financial goals,” says Gupta. It goals to remove the ‘gender gap’ by serving to girls throughout social strata, professions, and ages to develop into financially unbiased.
The founding father of LXME is already one of the vital influential and celebrated girls within the monetary companies business. One of the pioneering girls within the commodities and forex sector, she based Anand Rathi Commodities, and is at present the MD and promoter of the Anand Rathi Group. Eager to make the monetary business extra accessible to girls, she envisioned a product which might permit her to utilise her experience in monetary companies to assist girls obtain their desires. This is what led to the launch of India’s first girls’s solely monetary platform.
According to Gupta, although India is evolving when it comes to girls having secure jobs and safe positions, girls are nonetheless not capable of make monetary selections on their very own. “Even financial products aren’t designed for women,” she emphasises. “They are considered risk-averse by most financial firms. LXME was the first of such platforms, and we cater completely to women clientele. We enable women to take charge of their personal finances, offering them the tools and skills to plan and invest as per their goals.”
The LXME app gives goal-based funding calculators, wealthy content material within the type of literature and movies on monetary matters, and the choice to spend money on varied expert-led funding baskets, based mostly on objectives and timelines for funding.
Today, the platform has greater than 40,000 app customers and a further 30,000 members on its Facebook neighborhood who actively ask questions, study and share info on key enterprise segments, together with personal wealth administration, non banking monetary firms, funding banking and institutional equities, funding companies and insurance coverage broking. “The community allows women to engage in conversations on finances with like-minded women. Users can answer questions, in what is akin to replying to posts on Facebook. They can also create posts, and conduct polls tagging LXME money coaches or other users, besides engaging with content through likes, answers, comments and votes,” says Gupta.
LXME was one of many 13 finalists for Facebook’s Community Accelerator programme in India. “This recognition was an important part of our journey, especially for strengthening our community’s objectives and allowing us to offer more and better products and services to our members. With Facebook’s support and guidance, we wish to create a positive impact and reach out to more and more women, encouraging them to take charge of their financial lives,” added Gupta.
Source: www.financialexpress.com”