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International Women's Day: Why Women Need Financial Planning? Research Team | Posted On Monday, March 05,2018, 07:21 PM

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International Women's Day: Why Women Need Financial Planning?




Women today, work across sectors. From Banking, Engineering , Software, Teaching and even Flying Planes, women work in all sectors. The National Carrier Air India, operated a flight on the Kolkata-Dimapur-Kolkata sector, with an all-women cockpit and cabin crew, to celebrate International Women's Day.

The plane was an Airbus 319 operated by  Captain Akanksha Verma and Captain Satovisa Banerjee. The cabin crew comprised of D Bhutia, MG Mohanraj, T Ghosh and Yatili Kath.

But, how many women manage their own finances? A survey conducted by Standard & Poor a few years ago, found more than 80% of Indian Women, to be financially illiterate. Don't you think something must be done about this?

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International Women's Day: Why Women Need Financial Planning?


1. Working Women are increasing in India


According to a World Bank report, India ranks 120th among 131 Nations in the women workforce. Yet, the number of women in the workforce is much higher than what it was a decade ago. With inflation being quite high today, more and more women are joining paid work, both in rural and urban areas.

As more and more women earn high salaries, financial planning becomes important. If women do not learn how to save and invest, they become vulnerable to unscrupulous citizens. Don't you think working women need financial planning in India?


SEE ALSO: 5 Financial Planning Tips For Housewives To Secure Their Future


2. Women need financial planning to manage an inheritance


Women today are equal citizens with men. This is also true when it comes to inheritance. Both, unmarried women and married women inherit property these days. Changes have been made in the Hindu Succession Act and the Indian Succession Act so today, women inherit properties on an equal footing with men.

So why do women need Estate Planning? Women inherit their husband's properties like a residential apartment and residential land, death benefits from a life insurance plan, mutual funds, FDs and PPF among others. This calls for high-grade Financial Planning.


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3. Divorces are increasing in India


With divorces increasing in India, some women are forced to bring up children, single-handedly. Managing salary/income, investments, alimony (Money given by husband as maintenance), can be quite difficult.

So, divorced women need sound financial planning. Financial planning helps divorced women gain control over their finances, manage the alimony, and also invest for  kids bright future.


4. Women have higher life expectancy


Women in India have a higher life expectancy than men. Many women would be younger than their husbands by about 3-4 years. So, women could outlive their spouses by 8-10 years.

While men in India might invest for their retirement, many might not plan for their spouse, outliving them by about a decade. This is why women need retirement planning. Women must study their husbands retirement plans and learn how to save and invest. Be Wise, Get Rich.

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