Financial planning: women break financial chains

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Women today strive to work hard and earn more to secure their future. However, the concept of “financial independence” remains elusive for them, as most families still have men making the financial decisions. Women continue to be reluctant to seek help and advice on managing their finances, including those who consider themselves financially independent. A recent report is revealing in this context: 91% of women do not invest their money independently and 98% have no plan for their retirement.

Technology can change that, as evidenced by a fintech startup that aims to revolutionize financial planning for women. Founded by Priti Rathi Gupta, Being LXME (Be your own Laxmi) is an India-focused community launched on Facebook (now also an app) that empowers women to manage their finances by providing them with the right knowledge and tools.

The financial platform is a one-stop destination for all things women’s money. With its Community feature, LXME has created a women-only community that is trusted and safe, offering “intelligent content that gives you the right financial education to build your wealth, tips for managing your personal finances, and investment options like l gold and mutual funds, the best fit for your financial goals,” says Gupta. He aims to eliminate the “gender gap” by helping women of all walks of life, professions, and backgrounds. the ages to become financially independent.

The LXME founder is already one of the most influential and famous women in the financial services industry. One of the pioneering women in the commodities and forex industry, she founded Anand Rathi Commodities and is currently the Managing Director and Promoter of Anand Rathi Group. Wanting to make the financial industry more accessible to women, she envisioned a product that would allow her to use her expertise in financial services to help women realize their dreams. This is what led to the launch of India’s first women-only financial platform.

According to Gupta, even though India is progressing in terms of stable jobs and secure positions for women, women are still not able to make financial decisions on their own. “Even financial products are not designed for women,” she points out. “They are considered risk averse by most financial firms. LXME was the first of these platforms and we cater entirely to female customers. We empower women to take charge of their personal finances, giving them the tools and skills to plan and invest according to their goals.

The LXME app provides goal-based investment calculators, rich content in the form of literature and videos on financial topics, and the ability to invest in various expert-led investment baskets, based on your needs. objectives and investment deadlines.

Today, the platform has over 40,000 app users and an additional 30,000 members on its Facebook community who actively ask questions, learn, and share information about key business segments including wealth management. private, non-bank financial corporations, investment banking and institutional equities, investment services and insurance brokerage. “The community allows women to engage in conversations about finances with like-minded women. Users can respond to questions, which is similar to responding to posts on Facebook. They can also create posts and conduct polls by tagging LXME Financial Coaches or other users, in addition to engaging with content through likes, replies, comments, and votes,” says Gupta.

LXME was one of 13 finalists in Facebook’s Community Accelerator program in India. “This recognition has been an important part of our journey, particularly to strengthen our community goals and enable us to offer more and better products and services to our members. With Facebook’s support and guidance, we want to create a positive impact and reach more and more women, encouraging them to take charge of their financial lives,” Gupta added.

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