Invest like a woman: Five fund managers on money, risk and confidence

Women are often seen as careful with money: disciplined savers, meticulous budgeters and the quiet custodians of household finances. Yet that financial prudence does not always translate into meaningful investment decisions or wealth creation.

Indian women retire with nearly 40% less wealth than men, far wider than the OECD gap, according to data quoted in a Lxme-EY report. OECD is Organisation for Economic Co-operation and Dvelopment.

“Savings accumulate, but do not convert into productive assets. Women manage household finances, yet frequently defer investment authority. Financial participation is high; financial power remains limited,” says the report titled, Unlocking Her Wealth: The Untapped Economy – Redesigning Financial Systems for Women from Inclusion Metrics to Ownership Outcomes.

Yet there are women who puncture this stereotype every day, demonstrating how they assess risk, practise discipline and build long-term wealth while managing capital and taking high-stakes investment calls every day.

We spoke to five women fund managers and investment leaders about what drew them to finance, whether gender plays a role in building credibility, investing confidence, managing money at home, and one habit to avoid. The special also features reader queries answered by experts. Read the edited excerpts.

Lakshmi Iyer, group president - investments and CEO, Bajaj Alternate Investment Management Ltd

Career Choice: Being good at numbers right from school, I wanted to do something that was related to numbers. Fund management came somewhat serendipitously. While researching on bond markets in India, I initially wanted to shadow a fund manager and become a research analyst. But soon realised I wanted to be on the driver’s seat. I felt confident I could do it, and whatever skills I lacked, I would learn along the way.

Credibility: One needs to walk the talk. Merely talking and not delivering will speak a lot about your competency. This is not about gender but about delivering well. In fund management, you need to anticipate markets before others and position yourself in the portfolio and make money for your investors and stakeholders.

Confidence: There could be multiple reasons. Women in general may not have felt the need to take control of finances. Many women grew up in ecosystems where fathers, siblings or spouses handled investments. The biggest barrier is mental. When you take control, you feel empowered.

Household power: I manage money at home and yes my family and friends lean on me for financial advice. I keep it simple—basic, common-sense investment principles. I want to make a difference to their lives, to their investment lives. Women managing money at home is an extension of their role of keeping accounts; this needs to translate into something more substantial, like long-term wealth creation.

Avoid: There's this very interesting movie called English Vinglish, where the protagonist Shashi says that if a man cooks, it's a skill, but for a woman it's a duty. Sometimes we internalise stereotypes in the same way with money and that’s what I would like to change. We need to change from being savers to becoming investors.”

Reader query: Vineeta Bolaki, 56, homemaker:

I’m dependent on my husband financially, but want to begin investing. Should I start with mutual funds or try day trading?

Reply: Definitely a good idea to take charge of investments. I invest in mutual funds: they’re simple, flexible and allow SIPs, lump sums and systematic withdrawals. They are an excellent starting point. The best day to start was yesterday, the next best is today. Avoid day trading: learn, and build confidence first; this requires a very different skill set.

Shibani Kurian, senior fund manager and head of equity research, Kotak Mahindra AMC

Career Choice: My interest in finance began early. My father encouraged me to read business newspapers, which sparked my fascination with economics. I pursued economics and later an MBA, and started my career in equity research at a mutual fund. Moving into fund management felt like a natural progression because of my passion for research and financial markets.

Credibility: Building credibility in this male-dominated field has been a smooth process driven by conviction and consistent results. In fund management, your output and outperformance serve as the ultimate standard for success. While the industry is changing, mentorship remains vital to help young women navigate this space and grow the “tribe”.

Confidence: Women have always managed ‘rainy day’ savings in households, so the instinct to invest is culturally present. With greater workforce participation and financial awareness, more women are taking control of wealth creators and moving from passive observers to active decision-makers in the family.

Household Power: My husband and I manage our finances independently but collaborate on major family decisions. Since we both work in financial services, we educate our extended family on asset allocation and the benefits of systematic investment plans (SIPs) to help them invest well.

Habit to Avoid: The most critical habit to change is delaying the shift from saving to investing. While saving is important, investing is what creates wealth. Take control early in careers, focus on equities with a long runway. Financial independence is non-negotiable.

Reader query: Deepa Pal, 26-year-old professional in Noida

My knowledge is limited to investment and gold, and most financial decisions are taken by others in the family. I have no financial knowledge. How do I start with investments?

Reply: Start by defining your goals and investment horizon. Avoid putting all eggs in one basket; focus on asset allocation that suits your risk profile. SIP is an amazing place to start, as you can begin with small amounts and build confidence over time.

Aparna Karnik, head of quantitative investments and analytics at DSP Mutual Fund

Career Choice: My entry into fund management was a blend of ambition and lucky turns. I pursued an MBA, intending to work in finance, though my specific path evolved through diverse roles. Roles across credit ratings, fixed income and risk management eventually led me to money management.

Credibility: Money management is a fascinating, passion-driven profession because success isn't tied to a single degree. Unlike law or medicine, experts here come from diverse fields like engineering or liberal arts. Credibility comes from mastering the temperament to handle market volatility and being comfortable with grey areas. It’s not about gender-based difficulty; it’s about a profession where a personal skill set aligns with the market's unique challenges.

Confidence: The perception that women lack investing confidence often stems from traditional role definitions where men handled finances. That is changing with Gen Z and professional women. Finding a trusted advisor to navigate the tedious parts of planning is critical. Just as one prioritizes physical health through discipline, women must own their financial health for long-term security.

Household Power: Coming from a family of financial professionals, money management at home is a mutual, informed process. My husband and I decide on family finances together. I often advise my extended family, but I always make it a point to put the risks upfront.

Habit to Avoid: Avoid procrastination. Don't let life get in the way of your financial security. Avoid "gamifying" investments by chasing tips or complex derivatives without understanding them. Approach your finances with the same discipline as your taxes or health. Find a professional advisor as wealth creation isn't a game of luck.

Reader query: Neerja Chopra, 42, IT professional, Gurugram

What does financial independence mean for working women today?

It helps you lead your life fully on your own terms. It provides the necessary security net to pursue your objectives—whether buying a home, travelling, or further education. You never know what life will throw at you; start your investment journey early.

Sunaina da Cunha, co-CIO debt at Aditya Birla Sun Life Mutual Fund

Career Choice: During my MBA at FMS, Delhi, I became fascinated with security analysis. When Aditya Birla Sun Life offered an investment role, I jumped at the opportunity. I love the analytical challenge of synthesizing thousands of global data points into quick, impactful decisions. Fund management is the perfect intersection of analytical depth and accountability, allowing me to manage risk and preserve capital across market cycles.

Credibility: In this industry, credibility must be earned repeatedly through performance and process. Markets are ultimately meritocratic; they do not care about gender; your ability to deliver consistently and maintain a rigorous process builds a lasting reputation.

Confidence: The "under-confidence" in women is often a result of social conditioning that prioritizes security over growth. This leads to excessive conservatism and holding savings in low-yielding products. Once women start investing, they are typically more disciplined and goal-oriented than men. The goal is to build confidence early and reframe risk as something to be managed intelligently rather than avoided.

Household Power: Money management is a shared responsibility. We both have strong views on market trends and make financial decisions collaboratively. We discuss our risk appetite and long-term priorities so that our family goals are met through collective wisdom rather than individual impulse.

Habit to Avoid: The tendency to be a saver but not an investor needs to change. Women fail to proactively channel savings into wealth-creating assets. Don't procrastinate or delegate all decisions to others. Small, consistent investments can compound meaningfully. Take ownership of your long-term wealth creation.

Reader query: Harshita Khandelwal, 24, Delhi

When monthly investment amount is small in the early years, what should one prioritise – allocating full amount into one or two funds or diversifying across funds aligned to different goals?

Reply: If you are starting with small amounts, the key is to prioritize a SIP. Break your goals into short-term needs, like an emergency fund, and long-term aspirations, like buying a home. Start today, because compound interest truly is the eighth wonder of the world.

Mansi Karia, AVP and fund manager, debt, PPFAS Mutual Fund

Career Choice: My path to fund management was built on conviction rather than pre-planning. I joined PPFAS eight years ago as a debt dealer and learned the nuances of market discipline and risk management over time. With mentor support, I realized that fund management is a profound responsibility that goes beyond returns, it is about managing trust.

Credibility: While the field is male-dominated, credibility stems from results and a supportive ecosystem. I am fortunate to have leaders who respect my opinions and an organization that motivates growth. Balancing dual responsibilities requires family support, but as women become clearer in their financial thoughts, the evolution toward a more balanced industry will continue to accelerate.

Confidence: The lack of focus on wealth creation is often about conditioning, not ability. Traditionally, women prioritize safety and protection, which can lead to underconfidence. Education and starting early are essential. Awareness is growing, and the next decade will see more women embrace goal-based financial planning.

Household Power: My husband, who is also in finance, and I make joint decisions based on shared goals. I also guide my extended family toward long-term, goal-based investing, simplifying complex asset allocation decisions.

Habit to Avoid: The biggest hurdle is a late start. Sart early, even if it is with small, consistent amounts. Don't let the fear of mistakes hold you back; the power of compounding only works if you give it time.

Reader query: Vasudha, 35, marketing professional

I have limited savings, and haven’t been financially disciplined so far. With little knowledge in investing and no background in finance, how can I start building long-term financial security? What are the simple ways to earn extra income?

Reply: Start with discipline. Use SIPs for equity and maintain a debt fund for emergencies. Consult a financial advisor to determine an asset allocation that aligns with your risk appetite and goals.

Deepti Bhaskaran contributed to this story.