After putting in six years in a sales job, thirty four-year-old Shikha Mittal realised the need to spread financial literacy in the corporate world.
She says, “You’d be surprised at how little educated people in top career positions know about their finances. Most of them aren’t aware of basic concepts like the difference between savings and investments.”
In 2010, Ms. Mittal decided to make a difference and founded Be.artsy, and art-based financial literacy firm to look after the overall health of an organisation. She says one of the main objectives of her venture is “decoding financial jargon in a way that lets people make sense of it”.
She says, “Working in a corporate job, I found that explaining concepts with presentations and spreadsheets wasn’t really effective. So at Be.artsy we spread awareness about finance through art.”
Be.artsy’s Investor Awareness Programme uses street theatre as a flagship tool to promote financial literacy. The programme consists of a 15-minute play and a workshop by certified financial planners.
Ms. Mittal says, “Our play, Kamaai ki Mehnat , shows how a common man is confused about how to fulfil his needs and wants. Through the play, we introduce concepts such as savings, investment and insurance, and teach the audience how to differentiate between them. The play highlights how saving consistently – even small amounts – can make a big difference because of the compounding effect.”
Aimed at corporates, the programme has been supported by the National Stock Exchange since 2016. She says, “Out of the 5,000 people we have reached out to in the past two years, at least 4,000 have told me that they find themselves investing in financial instruments that don’t suit them. This is because companies don’t explain the financial services they are selling.”
She said the lack of a formal education in monetary planning contributed to financial illiteracy in people.
Ms. Mittal has also started Be Your Own Lakshmi (BYOL), a venture to cater to the financial needs of working women. She says, “Men and women have different choices, priorities, and circumstances when dealing with money. Working women are expected to work and manage the household too. This has an adverse effect on their health and they end up spending more on healthcare than on themselves.”
She says BYOL is designed to help women focus on planning their finances by organising workshops and group activities.
Ms. Mittal says, “We help women understand money from a different perspective. It helps them prepare to take care of themselves in case they separate from their spouses. Financial planning will help them successfully look after the well-being of their children. Our aim is to guide women towards financial independence.”
