Why Women Should Take Charge of Their Financial Well Being

May 31,2022

In Indian society, investment is a subject that has more to do with men in the family. And it is not to anyone’s amazement that female members of the family are considered having least financial knowledge for investing- thus they are pushed on to the margins. This transpires into women’s total absence from financial decision making scene in the family.  

But with time, the society has gone through a massive transformation and has evolved so much that now these domains are being taken over by females as well. Now, it’s not a hidden fact anymore that women are earning at par with men and are taking equal responsibilities as their counterpart- is it in the terms of earning or spending. So, it becomes imperative for them to make decisions about their financial well being as well. Notwithstanding conventional tenets of financial planning, in which men played a pivotal role in deciding where to invest and what should be the type of their investment portfolio. But over time, the knowledge has started dawning upon working women or housewives that it is equally important for them to have a say in their family’s or personal financial decisions. So, rather than leaving it up to your counterpart, you should actively participate in achieving the goal of being financially independent.

Here is a quick guide to knowing why women should take charge of their financial planning

Life Expectancy is a deciding and a Key Factor 

When the discussion about financial planning stirs up, one fact that supports women for taking charge of their financial planning is their life expectancy- it is well-established fact that the life expectancy of women is more than that of men. Thus planning for female financial independence is far more important than the man. As truly said, a better investor comes with a better perspective for the future. So considering the longer life expectancy of women, the perspective should be theirs to make some key decisions towards being financially independent and make maximum out of their financial planning roadmap. So, women should take charge of their financial plan.
Biological Clock Vs Career Clock
Without any doubt, it is a well-known fact that women’s biological clock and carrier clock runs in the opposite direction. So, a woman in her entire life span will have innumerable career gaps for one or the other reason- sometimes for fulfilling family responsibilities and sometimes for some other reasons. So, in these gaps, it would be your financial well being and savings that will come to the rescue. So, to plan for financial independence, keeping in mind, multiple breaks in the woman's career trajectory, it would be her decision that will be of utmost efficacy. Thus it is always advisable for the women to take charge of their financial roadmap considering their career trajectory and their own financial goals.
Women are Risk Averse and Consistent

Many surveys and reports have brought this to the fore that when it comes to saving money, women are risk-averse and they have a tendency to get maximum returns with minimum risk involved. So, they will always bring maximum on the table at minimum risk. And topping all these things, it is also proven that women are also more consistent and cautious, so they are more dedicated towards their set financial goals whether long-term and short-term. So, that is also a key reason for the women to take the matter of financial planning forward for herself and for her family too. Instead of being dependent on someone else they should plan on their own.
Women Are Lesser Paid
The matter of the gender wage gap has been widely discussed across the world, and India is no exceptions. It is also well known that women are less paid in comparison to their male counterpart but they have almost similar financial goals and obligations, thus that is why all financial planners think that having the same financial goals and lesser pay in hand it is the woman who should be in the driving seat and should decide on the roadmap for their financial well being. So, considering the aforementioned facts, it is suggested that women should be at the forefront of deciding their financial portfolio and should take care of their finances.
Benefits Specific to Women
Those who are into investment know very well that some perks are exclusive only to the female investors and are not given to male investors. The rationale behind this is to bolster up women for taking decisions for their financial well being. Thus to get the benefit of these exclusive perks bestowed upon women, it is they who should take forward the financial roadmap towards their financial independence.