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Financial Literacy: An Essential Tool for Every Woman Today

Jun 29, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Despite the rise in women empowerment, you will still come across more men than women in the finance sector. So much that, in 2016, the Financial Conduct Authority revealed that only one adviser in ten is female. However, it’s quite ironic for someone who can manage all the household chores, a family, work life and several other responsibilities, single-handed.

 But why are women nervous about personal finance? Is it because they find the language associated with finance complex? Well, mutual funds, insurance, stocks, bonds, hedge funds, and other such finance tools can sound complex, but if you take small steps by learning the basics and then moving on to advanced part of understanding money, you are halfway on the path of being financially literate!

 So, let’s get started and learn more about financial literacy.

Read Extensively on Finance

Don’t move away from conversations around money and other financial news instead, pay attention and learn these terms. You don’t have to sit and memorize numbers or formulas, but read extensively and make notes to improve your knowledge. Also, uncertain events like the death of a loved one, accidents or separation can make you financially unstable. Therefore, it is vital to have a sound knowledge of personal finance rather than asking someone to read, scrutinize and interpret your documents.

Understand Your Spending Habits

This is the best way to start your financial literacy journey. Because problems arise when you spend more than what you earn. A quick way to control your spending habit is to use budgeting apps that help you manage your finances. These assist you in keeping a track of all your spending and earning. Moreover, these also help you plan your savings as per your goal. There are ample number of apps available in the market with several customisations that allow you to monitor your budget as per your needs. .

Explore About Insurance and Its Benefits

Insurance and investments are two different things. An insurance plan protects you and your loved ones during uncertain moments. If you are planning to buy an insurance cover, choose one that offers protection with added benefits, such as iTerm Insurance Plan, from Aegon Life. So you can secure your family’s financial future by selecting a monthly or annual premium.

 If your family is financially protected with an insurance cover, look up to the papers and learn the type of insurance, the benefits it provides, the premium, maturity date, tax-benefits and most importantly how to claim it in case of death of the insured person. Additionally, insurance policies are extremely important for working women as an unforeseen event may impact the financial stability of her family. So, make sure you get yourself an adequate cover.

Learn About Mutual Funds and Stocks

Funds, stocks, bonds can sound intimidating but if you enhance your finance knowledge you will be able to make smart decisions. Also, these investment instruments offer high risk as well as higher returns. Look up to various financial sites, explore the varied avenues and write down your queries. Before investing, meet a financial advisor who will guide you with the best advice and help you monitor your financial progress.

Save For Your Golden Years

Retirement may seem like a long-term goal, to achieve this goal, one needs to plan early. For example, a 25-year woman will have to invest around Rs 3100 monthly (12% p.a) to accumulate a wealth of Rs 2 crore for her retirement days. On the other hand, a woman in her late 40s will have to save around Rs 40,000 per month to attain the same amount. Ask a financial advisor for his guidance and build a diversified portfolio to enjoy your golden period and curb financial instability.

The Bottom-line

The path to financial literacy begins with small steps, so keep a tab on the money that you are receiving and invest smartly. Make continuous efforts to explore the world of finance and its various avenues. This will boost your confidence and help you take smart steps.

Seize the moment, and start learning from today.

Advt. no.: IA/Jun 2018/4155

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