Taking charge of your finances is more than just having the means to cover your bills each month, it’s also about having savings, investing your money, and ensuring that you are covered by insurance for your health. Unfortunately, most women are leaving their financial health to the men in their family and even today, one of the biggest financial decisions related to a woman is paying for her wedding. Why don’t we talk about investments, health insurance, and retirement plans for women too? A survey conducted by ICICI Lombard General Insurance found that a mere 22% of Indian women actually have life insurance. Furthermore, with so few working women in India, coupled with their children and elder caregiving responsibilities and the fact that they live longer than men, women are losing out with regards to their finances in the country.
Think like a single woman when it comes to money
The truth is that many women are approaching their finances with an ancient approach, today it’s not just about buying during a sale, saving here and there each month, and cutting costs on your restaurant deliveries. Indian women have so many roles to manage in their day-to-day lives and therefore, they need to come up with innovative ways to manage their money. Think about it, if you were going to be single for the rest of your life, how would you prepare for it financially? The truth is that married women are notorious for leaving all money matters to their husbands and as a result, have no idea about their finances. On the other hand, an older single woman knows it all because she has done her own research, there is no one to do it for her. Therefore, all women need to think like single women in order to win when it comes to money. Educate yourself, do your research and talk to your bank associate.
Prepare for potential career breaks and a long life expectancy
When it comes to caregiving, whether it’s for a child, an ill spouse, or an aging parent, the responsibility has always fallen on women, and hence, women take more career breaks for these reasons. They need to prepare for it by investing their money and have some savings to their name for rainy days. Indian women should really think about hiring a financial advisor who will be able to guide them in the right direction, and this will also increase their confidence to handle money matters themselves. On the other hand, Indian women need to take health insurance seriously, many think that they will not fall seriously ill that they might need insurance. However, the pandemic has proven that life is too unpredictable to leave anything to fate. Science has proved that women do live longer than men and therefore, need better health insurance covers. A great financial plan is a step in the right direction for every woman. Are you on your way there too?