In a big gathering of Working women and successful home maker there is a lot of chit chatting going on, there is lot of noise do you think you can make them quite? How? just ask question about their finances you will get Pin Dropped. why? are we afraid of money talk? are we ignorant? shocking but fact
One question on an entrance exam paper for a trainee program at Merrill Lynch in 1972 read: “When you meet a woman, what interests you most about her?” The correct answer was beauty. Low scores were given for those who answered intelligence. There was, of course, no question about what to be interested in when meeting a man.
Generation X or Generation Y women, Kitchen, household, parenting, shopping, travelling ,TV, She can talk about almost anything, be it fashion shows movies, world Politics, be it cricket or anything else but MONEY.
Gender equality Most heard word among the millennials Generation Y women wants to be equal to men and men also considers the same. Women wear all the clothes that men wears like jeans, T shirts, shirts Blazers, women are also working now in a domain which earlier were male dominated but when it comes to money matter still there is gender biased when it comes to money handling. They take all the decision by themselves but when it comes to decision about money they are dependent on their male member of the family husband, father brother or friend. Reason behind this is we are conditioned to believe that its not my cup of tea.
We limit our self by believing that its not my cup of tea may be because being multi tasking women are given all the work from care giving to kids, aged parents, social responsibility , household etc. they ultimately leave the financial decision on the male counterpart as to get relief from one more task.
India being the fastest developing country in global economy having significant i.e. half of the population of the country are women. It is very much important that women participate in economic growth of the country which will not only raise their own financial well being but also raise the economical level of the country to next level. Women are already working force part of many sectors formal and informal also emerging as big contributor in economic growth. How ever they are still need to be more literate about the finance so that they can take informed participation in the economical growth. Regardless of what ever income level they are they need to be financially literate so that they get better understanding about the financial matter , opportunities of earning, their financial rights etc. With rapidly transforming towards strong economy it is very much vital to grow financial literacy in the women force of India. It will not only engage them in the economical growth of the country but also make them future ready for them selves and the next generation.
Post 2000 with increase in financial products in the market it is very much necessary to have required financial skill to take informed financial decision. There should be program specially to educate women about all the aspect of finance. earning, spending, saving and investing. It should include what is financial planning , budgeting, saving vs investing , what are the avenues of investments , Retirement Planning, Emergency fund, Emergency File which can help them what to do, where to go, whom to call for, in case of any emergency of life,medical, financial etc. Apart from that how they can make use of technology to help them selves with required knowledge of finance etc.
Women have very different financial information needs from men and are more likely to require financial advice or targeted life-stage financial advice when facing relationship transitions such as separation, divorce or death of a partner, or when taking maternity leave or career breaks to raise children.
Many middle or lower income women are good in managing finances by using diaries to maintain their monthly out go, How to save drop by drop by using vouchers, Going far to buy groceries, buying house hold stuff form discount sale, coupons, etc but they still need to have skills on how to set up financial goals to achieve their dreams, Children’s education planning, Retirement Planning, how they can invest where they can invest their hard earn and saved money.
It is very much important for financial advisors to create awareness in women about finances by conducting more well being workshops for working women, home makers, women in different stages of life cycles, women facing special situations, separations, death of partner , living alone single. single parent etc.
Creating wealth, building own assets is very important for working women to be financially independent during old age and which will improve the social security system of our country. Financial literacy in women can make them independent in making their financial decision hence achieving their financial goals efficiently taking active participation in growth of our country making them selves future ready.
Lets take first step towards recognizing our own money belief to correct and improve it towards creating wealth for ourselves and next generation.
For personal financial coaching or group coaching specially for women.