Summary of this article
Financial confidence matters even without income; awareness builds independence.
Women must participate actively in finances, decisions, and planning.
Small steps, skills, and conversations create long-term financial security.
By CA Indrani Banerjee, SEBI RIA
On Women’s Day, during a session with young employees at a software company, a seemingly simple question surfaced, but it was the one that lingered long after the room had emptied. It wasn’t about complex financial instruments or market volatility. It wasn’t even about income or where to invest for maximum returns. It was about confidence.
How can women who take a career break to manage domestic responsibilities or step away from the workforce for non-economic activities plan their financial future? Are they entitled to participate in financial decision-making? Why do they hesitate? And more importantly, why should they still take charge of it?
At its core, the question was about financial confidence, something that often diminishes when women are seen, or begin to see themselves, as “non-earning” members of the household. This loss of confidence is not always imposed; at times, it is internalised. Over time, many women, whether by choice or circumstance, begin to relinquish their financial agency, distancing themselves from decisions that directly impact their present and future.
The Backstory
During my growing-up years, I remember my father often encouraging my mother to understand money, how it works, how it is managed and why it is important to do it.
But she would quietly step away from those conversations. Not because she couldn’t understand, but because she believed she wasn’t meant to. For her, money was almost a taboo subject. And honestly, even today, not much has changed.
The Invisible Gap
We are taught history, maths, and science in school. But no one really teaches us what to do with money. So, most of us grow up learning about it not through formal classroom education, but through beliefs, culture, and what we see around us. In many households, even today, one partner earns, and the other manages the home. Over time, an invisible gap begins to form. The earning partner takes charge of finances, while the homemaker gradually steps back. And then, almost without noticing, it shows up in small ways: hesitating to ask questions, depending on someone else for even minor expenses, feeling a little out of place in conversations that should include you. And slowly, it turns into something deeper: a loss of financial confidence.
Here’s the blunt and candid question: Does not earning mean not planning finances?
If someone doesn’t have an income, do they not deserve financial security?
Here’s my seven-step take. And it comes not just from my profession, but from what I’ve seen and lived.
The 7-Step Blueprint for Financial Agency
1. Claim your seat at the table
Begin by understanding your household finances - income, expenses, investments, and liabilities. And most importantly, know what is within your control. If you are a homemaker, you have every right to a defined sum of money for yourself. This is not an “allowance.” This is participation.
But what you do with it matters. Even small, consistent savings can build a meaningful corpus over time. Financial independence doesn’t always begin with earning. It begins with awareness.
2. Build your own financial identity
Start small, but do make a start. Build your own investment portfolio. Learn the basics. Understand how money grows. You don’t need to know everything - you just need to begin. Because confidence with money doesn’t come from big decisions. It comes from small, consistent steps.
3. Monetise your ‘hidden’ assets (if you want to)
This is optional, but powerful. Ask yourself: what skills do I already have, and can they be monetised? Today, many women are building small businesses from home - baking, tutoring, consulting, creating. These may begin modestly, but they offer something invaluable: identity, confidence, and a sense of self-worth.
4. Own your transferable skills
Running a home is not simple. It involves budgeting, planning, prioritising, and managing uncertainty, and these are invaluable financial planning skills. You already have them. And if you can adjust spice levels to suit different tastes, you already understand one of the core principles of investing - there is no one-size-fits-all approach. Your financial journey, like your life, is uniquely your own. And if you ever choose to build something of your own, you’ll see just how transferable they are.
5. Stop being a bystander
This is perhaps the most important shift. Stay involved. Understand where the money is going. Ask questions. Participate and contribute to decisions. Because wealth creation is not just about earning; it’s about managing and growing what you already have. And you can play a pivotal role in that with interest, engagement, and involvement.
6. Build a security net
Financial awareness reduces fear. It helps you understand what safety nets exist and where the gaps are. Most importantly, it ensures you are never starting from zero in case of any untoward situation.
7. Normalise the ‘money’ conversation
If you feel unsure or overwhelmed, reach out to a friend, a family member, or a professional advisor. Conversations around money don’t just build knowledge; they build confidence.
Financial planning is not just about earning. It is about managing money, understanding it, making it work for you and leading a more fulfilling life.
The Bottom line
No, zero income doesn’t mean zilch financial planning. We, the women, need to make this shift happen. One where financial discussion becomes as routine as conversations about education, health, or anything else worth discussing. Or where young girls grow up not just learning how to save, but how to invest. Where women, across income brackets, see themselves not as passive participants but as active architects of their financial futures.
So, here is a thought worth carrying forward: Financial independence is not a milestone reserved for a select few. It is a continuum: It shouldn’t be limited by income but begins with awareness, deepens with participation, and matures with intent. A work in progress, and perhaps it begins with something as simple as a conversation. Take charge and be the change.
About the author: Indrani Banerjee is a Chartered Accountant and a SEBI Registered Investment Adviser (RIA). With years of experience in financial planning & investment management, she is a passionate advocate for financial literacy and gender-inclusive financial planning. She specialises in helping individuals and families navigate complex financial landscapes with clarity and intent.
(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)
