#138: Closing the gender wealth gap with fintech founders, Elisabeth Prager and Nitika Vyas

Elisabeth Prager began her career in life and pension and then moved into private banking. Subsequently she transitioned to a strategy consulting firm, and later freelanced for various philanthropic and multilateral agencies. Nitika Vyas began her career in investment banking, and then moved into a hedge fund, before becoming the COO of a broker. Alongside her career, her interest in psychology prompter her to pursue a counselling qualification. Together they have over 30 years experience in financial services and have seen first hand just how underserved women are when it comes to their personal finances. They co-founded Aila Money, a fintech startup on a mission to close the gender wealth gap. Aila helps women plan, learn and get ongoing guidance on their finances. The free solution leverages behavioural science, AI, and expert advice to empower women financially.We cover the following:00:16 Meet Elizabeth Prager and Nitika Vyas02:13 Identifying problems in financial services05:37 The decision to start Aila Money08:32 Challenges in financial services for women12:09 Gender stereotypes in finance17:05 The importance of women investing20:24 Common money mistakes women make23:48 The role of societal norms25:09 Encouraging financial engagement25:41 Aila Money's approach to financial fitness26:37 Trends in women's financial behaviours28:40 The rise of single women29:25 The Great Wealth Transfer30:20 Emotional decisions with inherited wealth32:50 Building Aila Money35:42 Personalised financial journeys42:26 Fundraising and future plans45:50 Challenges for female founders55:26 Advice for women: how to lean into investing59:05 Conclusion***The Purse Ltd.