Financial planning is a process which helps individuals develop structured and sensible plans to better manage their finances and achieve financial and life goals through sound financial practices.
Financial planning is essential to life, yet many women tend to devote less time and energy towards it than men do. Many female financial planners remain unaware, disinterested or reluctant in undertaking the process despite general principles remaining the same; as such financial planning for women presents its own set of unique challenges that make the experience all the more interesting!
Before we delve into some financial planning tips for women, here are a few reasons why creating a solid plan should be your priority:
Women outlive men by an average of five years (though this difference is gradually narrowing), increasing the likelihood that one or both partners would need to manage their money at some point alone, so its important to begin saving early and managing your funds on your own if necessary.
Divorce Rates in India Are Rising
Divorce rates have steadily been on the rise in India, which highlights how marriages increasingly encounter some type of marital discord and creates the need to protect one’s financial independence in case such situations arise. A financial plan will provide peace of mind if such circumstances do arise and provide you with a safety net should any issues arise that require you to create one for both yourself and your children.
Women Earn Less for Equal Work
Data shows that on an average women typically make less than men for comparable work. Global research indicates a wage gap of 15-20 % between their wages; to close it will require greater financial planning skills for women and improved personal financial planning for all.
+ There are no comments
Add yours