Mortgage and finance broking first appealed to Resolve Broker Derrimut Franchisee Niti Bhargava because of the flexibility it provided her to be both a mum and business owner.
However, it was the scale of financial abuse she witnessed with culturally and linguistically (CALD) diverse women fleeing violent relationships during the COVID lockdowns in Melbourne, that reinforced to her the important role mortgage and finance brokers play in changing lives and outcomes.
Building financial literacy among CALD women has now become a key focus for Niti as she knows how isolating it can be to be a new migrant in Australia without adequate financial resources and education. Having migrated from India 19 years ago, Niti has witnessed firsthand the cultural barriers which have led migrant women to become financially vulnerable.
“It is very hard to go through any financial separation or divorce without financial assistance and to make it worse, when there is cultural or language barriers, the situation is even more complex,” Niti said.
“Many of the women that I dealt with during the COVID lockdowns were thrown out of their homes and relationships without even a single dollar to their name. So, I decided to run financial literacy workshops to help CALD women first address the cultural differences, increase their financial literacy, and help them address adaptability issues.”
Niti’s financial literacy programs started as online workshops and Facebook chat forums during the COVID lockdowns, but she is now running her workshops in person, most recently, in partnership with her local member of parliament Luba Grigovitch at Caroline Springs, in Melbourne’s Western suburbs.
Niti’s says her aim is to use the workshops to help CALD women recognise their rights and also build their confidence in making financial decisions that culturally have always been the domain of the men in their families, either their brothers, fathers, or husbands.
“Many of these women are working but actually don’t know where their money is going and have no access to the bank accounts or any independent financial identity of their own,” she said.
With 13 years in banking and finance, the past three as a broker, Niti has consistently witnessed how transforming financial independence is for people, especially women. With two children of her own, a 14-year-old son and 7-year-old daughter, she wants to leave a legacy for them and also contribute back to her local community.
“Being a working mum, and also a migrant, I take pride in being a mortgage broker and I want to set an example to other working mums that if you are ready to work hard, than this industry is really rewarding,” she said.
She says that although the mortgage and finance industry has been very inclusive and accepting of her, there are still many barriers to greater gender and cultural diversity and believes there is a greater opportunity for more events and initiatives that address issues specifically faced by working mums and also call out some of the biases expressed towards CALD women.
“Rather than having events that focus on comparing how much volume we are writing or what technology we are using as brokers, we need more opportunities for women to hear from other women who have relatable stories and who have overcome similar barriers and obstacles,” she said.
“I know some CALD women who have left the industry because they have been singled out based on their appearance, their personality, or their accent. There are many people who would like to hear more about the inclusion part – every broker knows how to be a broker but more needs to be done to get the message out there on how to be inclusive.”
Niti is also keen to see more culturally diverse events in the industry including Ramadan and Diwali celebrations.
“Cultural diversity is really important for the growth of the industry as having the respect and understanding of different cultures provides a wider reach to the ultimate consumers and as a small business owner it can take your business to the next level,” she said.
I have been finalist in almost all the industry awards in Social and community engagement category in last 18 months and I feel really privileged and grateful.
Being brutally honest and transparent and being able to connect on a human level is what Niti sees as her superpowers. Leveraging these qualities, she prides herself on being able to give back to her local community and promote better outcomes for women not just in financial literacy but also in sport and health.
“I really want to be a great role-model for my 7-year-old daughter, who aspires to join my mortgage broking business one day” she said.
And finally, what is her advice to her younger self?
“Learn to say no – you must learn to prioritise things and just do whatever is practically possible to save your sanity and protect your physical health,” Niti concluded.
Champions of Diversity is brought to you by Teachers Mutual Bank Ltd and is part of MFAA's Opportunities for Women initiative. Find out more about the initiative and read the 2022 report.
