Today, India is one of the most vibrant and dynamic economies in the world, with great prospects for growth. Yes, in some spheres, we as a nation are still stuck in a patriarchal past. We are talking about the role of women in finance.
Even in most urban Indian families, dealing with the finances of the household – investing, saving, planning for retirement, children’s education and more is seen as the role of the man of the house.
Women are mostly left to deal with the monthly budgeting, where even the budget is fixed by the men in the household and women have to just focus on how to stay within the limits.
Women can no longer afford to be Financially Illiterate
Yes, it’s highly essential for women irrespective of their marital status – single, married, divorced or widowed – to take control of their financial lives. By increasing their financial responsibilities, women not just gain more clarity and confidence in making financial decisions, but it also helps them be in control of all other areas of their life.
Here are a few Reasons why the Modern Women of India need to become more Confident about Financial Planning:
1. Women are a part of the Workforce Today
Just a few decades ago, the role of women in the family was essentially the primary caregiver. She was responsible for cooking food and ensuring that all members of her family were well-fed, looked after and taken care of. Women were left with the task of rearing children.
Fast forward to the new millennium. Today, women are a large part of the workforce. They occupy key positions in all fields and hold all roles from the top to the bottom. This means, women are now earning a handsome income and who better than themselves to manage it?
2. Women live longer than men
According to data published by WHO, the average life expectancy for men in India is 67.4 and for women, it’s 70.3 years. Also, women not just live longer, but also lead to a more active and healthy life compared to men.
This means once a husband/partner passes away a woman is left to deal on her own. With children moving far away for work/education, it falls on the shoulders of the woman to fend for herself, and this includes dealing with finances.
This is why, it’s imperative that women start taking an active role in the financial planning for the family, right from an early age.
3. It makes Women Confident and Ready to Face the Challenges Thrown by Life
The thing about life is that it’s highly unpredictable. One moment, it’s all smooth sailing and the next moment your world turns upside down. By learning about finance, you gain the confidence and the means to face whatever life throws your way.
Financial Learning is just as important as other learning
Today, as women focus on learning and getting degrees for a secure career, they should focus on becoming financially literate to secure their future. Start today, take control of your finances and become confident in all walks of life.