
Are We Doing Enough to Close the Gender Wealth Gap?
In a compelling episode of FinTech's DEI Discussions, Nadia Edwards-Dashtiwelcomes Nitika Vyas, Co-Founder at Aila Money, for an inspiring conversation about transforming personal finance, tackling the gender wealth gap, and the journey to inclusive financial empowerment. This conversation delves deeply into the realities of financial disparities and showcases how actionable insights can lead to transformative change, not only for individuals but for the FinTech sector as a whole.
The Journey from Finance to Founding a Mission-Driven Business
Nitika Vyas’s journey to founding Aila Money began with a 16-year career in financial services, spanning investment banking, hedge funds, and broking. Her path started with an internship at a prominent UK investment bank during the aftermath of the 2008 financial crash. Nitika described the invaluable lessons she learned during her time there, which eventually led her to the dynamic world of hedge funds. Working in roles ranging from trading assistant to COO, Nitika gained deep insight into the financial systems that help the wealthy manage and grow their wealth. Her ability to adapt, thrive, and learn within these demanding environments set the stage for her later entrepreneurial success.
However, it was during her own exploration of personal finance that she uncovered how limited the average individual’s access to financial knowledge and tools can be—especially for women. Recognising a significant disparity in financial literacy and empowerment, Nitika began to envision a solution that would democratise financial knowledge. Her experiences, coupled with her commitment to making a meaningful impact, laid the foundation for Aila Money. By identifying gaps in access and understanding, Nitika saw an opportunity to make financial literacy more accessible and actionable.
Understanding the Gender Wealth Gap in FinTech
Central to Nitika’s mission is addressing the gender wealth gap, an issue that extends far beyond the often-discussed pay gap. The wealth gap encompasses disparities in overall financial assets, including pensions, investments, and property ownership. Nitika highlighted a startling statistic: if nothing changes, it could take seven generations to close the gender wealth gap. This stark reality underscores the urgency of her mission.
One key contributor to this gap is pension inequality. Women frequently accumulate significantly smaller pension pots than men due to factors such as maternity leave, caregiving responsibilities, and a higher likelihood of working part-time. These systemic challenges mean that women often retire with a fraction of the wealth of their male counterparts, perpetuating economic vulnerability across generations. The wealth gap’s impact reaches beyond the workplace, influencing the quality of life, financial independence, and overall stability for countless women and their families.
Nitika’s approach to tackling this issue is both practical and empowering. She emphasises the importance of financial literacy, intentional decision-making, and access to personalised guidance. As she shared, addressing the wealth gap requires not only awareness but actionable steps to equip women with the tools they need to build sustainable wealth. Her emphasis on personalised strategies highlights the need to move beyond one-size-fits-all approaches, ensuring meaningful, long-term impact.
In response to these challenges, Nitika Co-Founded Aila Money, an innovative platform designed to empower individuals—particularly women—to take control of their financial futures. Drawing a parallel between financial fitness and physical fitness, Nitika explained how the platform acts as a “personal trainer” for finances. This analogy resonates with the increasing focus on holistic health, positioning financial wellness as an essential component of overall well-being.
The app provides a comprehensive overview of users’ current financial situations, helps them calculate the costs of their life goals, and offers personalised education to bridge the gap between intention and action. By combining technology with a marketplace of financial coaches and advisors, Aila Money addresses the diverse needs of its users, whether they require basic guidance or in-depth financial planning. This multifaceted approach ensures that users receive tailored support to meet their unique circumstances and aspirations.
Nitika shared how the app’s functionality goes beyond budgeting tools. It encourages users to define the life they want, considering milestones such as career breaks, weddings, and retirement. The app also highlights the layers of financial planning, illustrating how goals can be adjusted to align with individual priorities and resources. By demystifying complex financial concepts, Aila Money empowers users to take charge of their financial journeys with confidence and clarity.
The Intention-Action Gap: Prioritising Financial Well-Being
One of the most significant challenges Nitika identified is the intention-action gap—the disconnect between knowing what needs to be done and taking steps to do it. For many women, financial planning often takes a backseat to day-to-day responsibilities, leaving long-term goals unaddressed. This phenomenon is not only a financial hurdle but a psychological one, as it often stems from a lack of prioritisation or perceived self-worth.
Nitika emphasised the importance of creating accessible and intuitive tools that simplify financial management. Aila Money not only provides resources but also fosters accountability, empowering users to prioritise their financial health. By likening financial well-being to physical fitness, Nitika highlighted the need for consistency and tailored strategies to achieve meaningful results. This perspective reframes financial planning as an empowering and attainable goal rather than a daunting or inaccessible task.
Navigating the Founder Journey: Lessons and Advice
Becoming a founder was not a path Nitika had envisioned early in her career, but her passion for creating meaningful change led her to take the leap. She candidly discussed the challenges of entrepreneurship, from financial risk to the steep learning curve of building a startup. Her story serves as both an inspiration and a roadmap for aspiring entrepreneurs, showcasing the importance of resilience, adaptability, and vision.
Nitika’s journey began while she was still working full-time, testing her idea through no-code solutions and gathering feedback from over 200 users. This iterative approach allowed her to validate the concept and build confidence in its potential impact. Early adopters saved over £12,000 and invested over £200,000 collectively, demonstrating the tangible value of the platform. These results provided the traction and motivation needed to move forward, proving that small steps can lead to significant outcomes.
For aspiring founders, Nitika’s advice is clear: start small, test your ideas, and ensure financial stability before taking the plunge. Her transparent account of her entrepreneurial journey offers a roadmap for others looking to turn their passion into a viable business. By sharing her experiences, Nitika underscores the importance of calculated risks and iterative progress in building sustainable ventures.
Driving Inclusion Beyond Financial Services
While Nitika’s primary focus is on financial empowerment, her insights extend to broader themes of inclusion and diversity. Drawing from her own experiences in male-dominated workplaces, she underscored the importance of building diverse teams and fostering environments where everyone feels valued and heard. Her advocacy for inclusion goes beyond tokenism, highlighting the need for meaningful representation and equitable opportunities.
Nitika encouraged listeners to challenge the status quo within their organisations, advocating for diversity not only in gender but also in socioeconomic background, ethnicity, and perspectives. She highlighted the need for inclusive leadership that recognises and leverages the unique strengths of each team member. By creating safe spaces for collaboration and innovation, businesses can unlock the full potential of their workforce. This emphasis on inclusion aligns closely with Harrington Starr’s commitment to fostering diverse and innovative teams within the FinTech industry.
The Impact of Financial Empowerment
Throughout the episode, Nitika’s passion for driving change was evident. Her mission to close the gender wealth gap is about more than numbers; it’s about transforming lives and fostering a sense of agency. By equipping women with the knowledge and tools to manage their finances, Aila Money aims to create a ripple effect that benefits families, communities, and future generations. This mission is a powerful reminder of the transformative potential of financial literacy and empowerment.
Nadia echoed this sentiment, reflecting on the importance of integrating financial empowerment into discussions about diversity, equity, and inclusion. The podcast highlighted how individual actions, combined with systemic change, can pave the way for a more equitable financial landscape. By bringing these critical issues to light, FinTech’s DEI Discussions continues to inspire meaningful dialogue and action within the industry.
A Call to Action for the FinTech Industry
As the episode concluded, Nadia and Nitika called on listeners to take proactive steps toward financial empowerment. Whether it’s downloading the Aila Money app, advocating for diversity within their organisations, or simply starting a conversation about the wealth gap, everyone has a role to play in driving inclusion and equality. This call to action reinforces the idea that impactful change begins with individual and collective efforts.
For Harrington Starr, this episode reinforces our commitment to fostering positive change within the FinTech industry. By amplifying voices like Nitika’s, we aim to inspire our community to embrace innovation, inclusivity, and impactful leadership. Together, we can drive progress and ensure that the FinTech sector remains a force for good.