Get All Access for $5/mo

How India's First Financial Education Company is Helping People Achieve their Money Goals Financial literacy in India is not very good, especially among women

By Vanita D'souza

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India

Financial inclusion in the country is poor but financial literacy is poorer. For example, an individual can open a bank account via Pradhan Mantri Jan-Dhan Yojana and be part of the formal banking system. However, the same person may or may not understand key financial products like insurance, wealth management, etc.

For a matter of fact, in India, many people consider insurance as an expense rather than an investment. Additionally, individuals even consider equity linked saving scheme (ELSS) as a tax saving instrument instead of an investment product. This outlook is what Mrin Agarwal is looking to change.

After spending over two decades as a financial advisor for the large financial corporation and financial coach for a multi-family office, the women entrepreneur realized the financial literacy in the country is not very good, especially among women.

This inspired Agarwal to start Finsafe to educate people and help them achieve their financial goals.
One of Its Kind

Finsafe claims to India's first financial education company. It operates in the impact segment and yet is a profitable company. The startup partners with corporates on annual basis and run their financial wellness agenda.

Talking about Finsafe, Agarwal says, "Financial wellness agenda is at a very nascent stage in India. Most corporates are still focusing on physical and mental health but really not on the financial health which has an impact on the former subjects."

According to her, there are very few corporates who want to do it in a structured way and pay for it. So, there is a long long way to go.

"As we got it into, there is a huge gap that exists level for financial literacy among the educated. So, the idea was to create programs for people so they can manage their money better."

For the Women

Somewhere in the journey, she also felt that women typically are not aware of money managing options.

Among the educated population, Agarwal thinks less than 10 per cent of women would be managing their money and the change will come only through self-motivation.

"Most of my clients were only men and I would never see the spouses involved," she says while adding that, "With more out of passion, I started financial education platform for women - called Womantra."

The shepreneur believes that women can have an impact on so many individuals who are her support system as she can inspire others in her own journey to be financially independent.

"In other words, financially independent women can have a positive influence on others to take money management up. Take an example of children often mimic their parent's behaviour, which also includes your saving and spending habits. If they see their mother doing this an early age, they will be inspired to manage their finances well," she noted.

Few Tips

Just before saying goodbye to us, we asked Agarwal to share a few tips that could help one manage their money better. She says:

  • Knowledge is Power: You could have a very good advisor and everything else but unless you read yourself, you cannot be financially independent.

  • Get Dirty: Unless you get your hands dirty, you will never learn the art of investing or realize your goals.

  • Learn to take Risk: Get out of your comfort zone otherwise you are never going to achieve your financial goals.


Vanita D'souza

Former Senior Correspondent, Entrepreneur India

I am a Mumbai-based journalist and have worked with media companies like The Dollar Business Magazine, Business Standard, etc.While on the other side, I am an avid reader who is a travel freak and has accepted foodism as my religion.

Business Solutions

Right Now, You Can Get More Than 310 Hours of IT Training for Just $50

Stay ahead in tech with the CompTIA Super Bundle.

News and Trends

Fast Fire Watch Guards: Protecting Your Business From Today's Fire Hazards

As a watch guard company, Fast Fire Watch Guards provides vigilant monitoring and immediate responses to signs of potential fire hazards in commercial spaces.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

News and Trends

growX Ventures Launches Fund II with a Target Corpus of INR 400 Cr

Fund II aims to target early-stage and growth-stage investments, backing 20–24 startups in deeptech sectors. It plans to deploy INR 10 crore in seed and INR 20–30 crore in Series B rounds.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.