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Indian Women Need To Take A More Active Role In Financial Planning

Jul 12, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

As a convention that has unfortunately passed down by habit of history and social mores, women in India continue to play a relatively insignificant role in apportioning finances. The ramifications of this are aplenty especially when you look at the larger picture. In terms of strength in the workforce, a crucial half of the country’s population remains numerically weaker than the other half, which automatically translates into a lesser role in financial planning. This, in addition to the patriarchal structure of our families, which places economic decisions and powers inherently within the exclusive purview of the male earning members, make it difficult to Indian women to have a say in financial planning.

Financial planning should not be a male privilege

That is not to say there hasn’t been a marked improvement in the quantity and quality of jobs available to and embraced by women today, across all sectors, classes and expertise. The age-old binary segregation of household and financial responsibilities in India however does make it difficult for women to raise their voices and opinions, especially when it comes to financial planning.

There are a few key factors governing this seemingly paradoxical trend, especially noticeable in lower-income or rural households. After all, women and housewives are closer to the nitty-gritties of the household and are, by the nature of duties imposed upon them, more acutely aware of child-rearing expenses. So it is only logical to surmise that they are also the ones who would have more useful insights into money management. And on the rare chance that she doesn’t, she must first learn-what is a financial plan?

This knowledge is not crucial in asserting her own economic independence, but in order to run the household better, everyone who plays an active role in structuring it, must necessarily have a say in how much to save, spend, invest, and insure.

The value women can add to financial planning is immense

But things are looking up. One glimpse into rural and indigenous industries, which employ a predominantly female workforce, will give you an idea of how efficiently these women requisition a portion of their earnings and budget into savings and investment.

Credit: Mussett Wealth Management

This holds true for working women in all corners of the country, who often end up donning both roles outside, as well as within the house. Most financial planners today normally like to involve both spouses while taking into account the financial situation of the family whilst chalking up an optimal financial plan for you. But in the absence of a professional expert who helps channel liquid assets into savings account, investment opportunities, giving women an active role in financial planning not only helps in broadening the perspective, but adds value based on experiential learning to the dream plan for managing hard-earned finances. In fact, studies have proved how relegating women to a passive position where she is simply a bystander or at most an active spender, has an unfavourable impact on your budgetary allocations.

Wheels of power structures are turning in the Indian households

While a set of fresh eyes and ears is always solicited, understanding the basic nuances of a financial plan together with your mother, wife, sister or daughter, also brings to the fore certain aspects of money management, which are often overlooked by financial planners, experts or otherwise. As the number of female financial planners are on the rise in the rest of the world, that future may not be a distant one in our own country as well, especially with more young women taking up business, economics, management, real estate, math and financial studies as their primary academic interests. The number of female entrepreneurs, bankers and business heads is witnessing a sharp rise in the new decade, as is the number of bank accounts, savings and investment policies opened by and for women. Moreover, there are innumerable savings plans meant exclusively for women today.

When seen against these factors determining women’s secondary role in financial planning, the logical factors speaking for women’s active role in financial planning naturally make a reversal of the current status quo imminent.

A radical shift in decision-making powers in your average Indian household is already underway. Heralded by a burgeoning millennial class that is admittedly more gender-equal than the preceding generations, a sea of change in how we view drive the economy into a new world is noticeable. Today, inclusion is key in every other aspect of life, and the sooner we recognize the value women add to our understanding of the economy, the better we will be, at coming up with unique ways in tackling the same on a microeconomic level every day. With Aegon’s insurance and investment plans, both men and women can gain control over their family’s financial planning today, and thus build a more secure future for themselves and their loved ones together.

Advt. No.: IA/Jul 2018/4195

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