Why Women Should Take Charge Of Their Financial Planning

It is 2019, yet in most households we can witness women being deprived a role in financial planning of the household or the family. But here are few reasons as to why women should take charge of their financial planning.

Women Take More Break in Their Career

Women have multiple responsibilities to fulfil in life, which comes at the cost of multiple breaks in her career. Indra Nooyi, a well-known business executive once said that in the life of a woman, two clocks run opposite to each other. One is their biological clock and another is the career clock. But even during breaks you need money for your expenses, which requires certain amount of planning. Therefore it is imperative to plan and mange your finances.

Life Expectancy

Women, have a higher life expectancy than men. Keeping in mind such a fact, it is important to have an extra corpus in comparison to your male counterpart. And to have that extra retirement corpus, you will have to do proper planning. 

Women Are Risk Averse

There is no doubt that women these days are at par with their male counterparts in both professional and personal life. But it is a well-known fact that women are very risk averse. This limits their ability to build meaningful wealth.

They always want to invest their money in safe portfolios. Safety is of utmost importance for them. As is the case with my mother, savings and investment are the words she uses interchangeably despite the two terms carrying a huge difference. She always wants to park her money in savings accounts and FDs. So keeping this thing in your mind they should take charge of their finance.

But keeping in mind your future goals, a bit of risk can help to generate the corpus required to meet those future goals. 

For Having A Me Time

With a dozen tasks to juggle, women are sure to reach a saturation point. Managing personal and professional life can be quite a task! A little relief from these taxing responsibilities is a must to rejuvenate oneself. But even indulging in a spa or retail therapy requires proper financial planning. 

Taking these aforementioned factors into account, it becomes mandatory for women to take charge of their personal finance.