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Ladies at present try to work exhausting and earn extra to safe their future. Nevertheless, the idea of “monetary independence” stays elusive for them as most households nonetheless have males making the monetary selections. Ladies proceed to be reluctant to hunt assist and recommendation on managing their funds, together with those that think about themselves financially unbiased. A current report is an eye-opener on this context: 91% of ladies don’t make investments their cash independently and a stunning 98% haven’t any plans for his or her retirement.
Know-how might change this state of affairs, as is being exemplified by a fintech startup that goals to revolutionise monetary planning for girls. Based by Priti Rathi Gupta, Being LXME (Be your personal Laxmi) is a India-focused neighborhood began on Fb (now additionally on an app) that’s enabling girls to handle funds by offering them with the correct information and instruments.
The monetary platform is a one-stop vacation spot for all issues to do with girls’s cash. With its Group characteristic, LXME has created a trusted and protected women-only neighborhood, providing “good content material that offers you the correct monetary schooling to construct your wealth, tricks to handle your private finance, and funding choices like gold & mutual funds, finest suited to your monetary objectives,” says Gupta. It goals to get rid of the ‘gender hole’ by serving to girls throughout social strata, professions, and ages to change into financially unbiased.
The founding father of LXME is already some of the influential and celebrated girls within the monetary companies trade. One of many pioneering girls within the commodities and foreign money sector, she based Anand Rathi Commodities, and is at present the MD and promoter of the Anand Rathi Group. Desirous to make the monetary trade 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. That is what led to the launch of India’s first girls’s solely monetary platform.
In response to Gupta, regardless that India is evolving when it comes to girls having steady jobs and safe positions, girls are nonetheless not in a position to make monetary selections on their very own. “Even monetary merchandise aren’t designed for girls,” she emphasises. “They’re thought-about risk-averse by most monetary companies. LXME was the primary of such platforms, and we cater fully to girls clientele. We allow girls to take cost of their private funds, providing them the instruments and expertise to plan and make investments as per their objectives.”
The LXME app gives goal-based funding calculators, wealthy content material within the type of literature and movies on monetary subjects, and the choice to put money into varied expert-led funding baskets, primarily based on objectives and timelines for funding.
As we speak, the platform has greater than 40,000 app customers and a further 30,000 members on its Fb neighborhood who actively ask questions, be taught and share data on key enterprise segments, together with non-public wealth administration, non banking monetary firms, funding banking and institutional equities, funding companies and insurance coverage broking. “The neighborhood permits girls to have interaction in conversations on funds with like-minded girls. Customers can reply questions, in what’s akin to replying to posts on Fb. They’ll additionally create posts, and conduct polls tagging LXME cash coaches or different customers, moreover partaking with content material by means of likes, solutions, feedback and votes,” says Gupta.
LXME was one of many 13 finalists for Fb’s Group Accelerator programme in India. “This recognition was an essential a part of our journey, particularly for strengthening our neighborhood’s goals and permitting us to supply extra and higher services to our members. With Fb’s help and steering, we want to create a constructive influence and attain out to increasingly more girls, encouraging them to take cost of their monetary lives,” added Gupta.
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