In most households, of most societies, often it is conveniently assumed that taking financial decisions is often the sole prerogative of men only, reinforcing the myth that women are in any way less competent to plunge into financial decision making.
A Kiwi-Indian female entrepreneur Hesha Irani is set out on a mission to demolish this long-held perception and empower fellow women through financial awareness. She is addressing this inequality through her business venture, aptly named - Her Financial Independence (HerFI).
Talking about her inspiration behind the initiative, which aims to increase awareness of financial literacy among women as well as make financial education easy and more accessible to women, Hesha says, “HerFI was born in August 2021, during Covid-19, to empower women to become financially savvy and take control of their financial lives. The response has been phenomenal with close to 100 sign-ups for the membership waitlist within a month.”
The 30-year-old, who originally hails from Mumbai, reveals that the existing financial knowledge gap between genders led to this venture’s establishment. She has completed a Bachelor of Commerce in Financial Markets, followed by a Master of Commerce in Business Management and the Chartered Financial Analyst (CFA) program. “My passion for working in the finance industry was ignited at the age of 16 during a Commodities trading course at the Multi Commodity Exchange. Since then, I have spent more than a decade studying finance or working in a financial market-related role. During my time in financial markets, both overseas and in NZ, I could see stark differences in how men versus women within the industry perceived investments and discussed personal finances. Even in social settings, I was mildly surprised to find that women do not discuss money matters with their friends, family, or colleagues. Girls are taught to save money, while boys are encouraged to assume risks and build wealth. Despite these differences, women often depend on men to make financial decisions for their teams, themselves, and families,” she says.
Hesha feels that if we want to progress as a society, it is vital to increase the awareness of financial literacy among females. “Women are majorly excluded from conversations around investing. This is largely responsible for women displaying lower financial knowledge than men and feeling less confident in their financial knowledge and skills. I believe that by normalising money conversations among everyday women, Gen Z and upcoming generations will have the opportunity to grow up observing their mothers being able to participate in household financial decision making.”
So, how is she planning to raise this financial understanding? She says, “I am launching NZ’s first Women’s Finance Club at HerFI where financial education is not complicated, not dull and not jargon-filled. It is a great way to connect with like-minded women and explore what’s behind the doors to the intimidating world of finance. One of the outstanding features of the Club is that it provides a platform for mothers and daughters to participate in money conversations together. The freemium membership plan (at no cost) gives you access to all the resources and tools you need to take control of your financial future. Whenever you are ready to implement the learnings into your daily lives, the premium membership plan gives you access to masterclasses, accountability sessions, coaching sessions, and live events. Apart from them, we are doing webinars, and online workshops are ongoing throughout the year. If the Covid situation gets better, I hope to have an in-person event for Mother’s Day in May.
Sharing her journey and experience, Hesha, who moved to NZ around five years ago, reveals, “When I immigrated to NZ, I started my investing journey from scratch. However, my financial knowledge, backed by extensive research, helped me become a proud first-home owner in Auckland alongside building a retirement fund. I continue to share my experience with millennials helping them transition from renters/ lodgers to first-home owners and build long-term wealth,” she signs off.
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