"Hamari chhoriya chhoron se kam hai ke" - a line from the movie Dangal is often quoted in political rallies, motivational speeches and advertisements. That sounds empowering, but it doesn't reflect the reality.
India has successfully opened bank accounts for women. Around 90% have them. But the number of women who actually operate these accounts or make financial decisions remains low. It doesn't remain a financial issue alone. It's a labour market issue, a social norms issue, and a growth issue as well.
ALSO READ: Why Women Need Their Own Money Beyond Shared Bank Accounts
How Conditioning Impacts Financial Decisions
Family and society shape psychology right from childhood by making the gender roles clear: financial planning and investment with men, while consumption with women. Children pick things up from what they see and hear. So if a daughter hasn't seen her mother take financial calls, she learns that this isn't her space either.
Over time, this feels like the right way. That's called internalised patriarchy. Thoughts like "someone else is better at this," or "my income is extra," or "investing isn't really my thing" creep in. Slowly, that turns into financial anxiety. A study published in The Indian Journal of Marketing found that such a mindset suppresses non-traditional investment behaviour.
Women start preferring what feels safe and familiar - cash, gold, spending on family - while things like equities feel risky or even intimidating. This has a lasting impact, says content creator and former news anchor Sonia Shenoy. Not negotiating for oneself means lower earnings, while not investing in equities means weaker wealth creation. It lowers retirement readiness, creating higher dependence on spouses or children. And life shocks like divorce, job loss or widowhood make it even worse.
Financial Literacy Matters
Which is why having a bank account doesn't translate into financial empowerment. Recognising these internalised beliefs and actively unlearning through financial literacy is the first step. What's interesting is that even when women understand finance, they often hesitate to act, thanks to stereotype threat, lower confidence and permission-seeking norms in society.
ALSO READ: Ten Women Successors Command Rs 8.16 Lakh Crore Market Cap: Hurun-ASK Report
This is where a striking insight emerges from a field experiment conducted by J-PAL in Madhya Pradesh. In this experiment, some women received bank accounts, others received accounts and training, some had wages deposited into their accounts, and a final group received all three. Women who only received access saw limited change. But those who received the full stack - accounts, training, and direct deposits - worked more, earned more, and exercised greater financial control.
As women began to control their own earnings, their perception of work changed. Even the men in the family perceived that society was more accepting of women working. The study points out that financial control turned the gears one by one from lived experience to social norms.
The Macro Cost
When half the population is structurally under-participating in both labour markets and financial systems, economic growth seems incomplete. Because what does growth really mean if a large share of it excludes women from participating or controlling their own finances?
Only 33% of women have an active bank account compared to 45% of men, according to the World Bank's Global Findex 2024. The LXME-EY Report values India's dormant female financial potential at Rs 40 lakh crore ($430 billion).
For women, both labour supply and demand matter, and so do social norms. Even when opportunities exist, restrictions around mobility, safety, and decision-making limit participation and control over income.
This is why interventions that seem purely financial, like direct benefit transfers (DBT) or Jan Dhan, matter so much. They can shift bargaining power within households and rewire norms. India has made commendable progress here. But now, we need to move beyond access toward ownership - of assets, of decisions, and of financial futures.
ALSO READ: Of Total JanDhan Accounts, 56% Belong To Women, Says FM Nirmala Sitharaman
Final Take
Women are systematic about money. They know exactly where and how much to spend. They have a knack for seeing the long-term utility of a product. There is some frivolous spending too (and who doesn't), but, unfortunately, people more focus on that and ignore some of the best qualities. The same cognitive ability about consumption has never been channelled toward portfolio building.
For that reason, daughters need to be part of financial conversations. Learning about money should be as intentional for girls as it is for boys. Then, financial products must reflect women's realities, such as pregnancy, career breaks, caregiving responsibilities, and longer lifespans. Culturally, media and advertising can reset some of the stereotypes, too.
Taking Savitribai Phule's idea of "educate a girl, and you educate a whole family" to financial control, the impact doesn't stop at one woman. When this shift happens, it will reshape how India earns, spends, and saves.
Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinion of NDTV Profit or its affiliates. Readers are advised to conduct their own research or consult a qualified professional before making any investment or business decisions. NDTV Profit does not guarantee the accuracy, completeness, or reliability of the information presented in this article.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.