We all know Women are good in multi-tasking 🙂 ! The way women handles house and work proves the very fact. However when it comes to manage money many still prefers to hand it over to men.
These days, Women is capable of generating their own incomes but unfortunately she lacks the seriousness about saving and investing money. They should take control of the money and should also learn to take some good investment decisions.
This is my attempt to spread some thoughts about why women should manage money:
Reason 1#Women lives longer: Generally speaking, women tends to have longer life span as compared to men.
Also having a dependency on family member for financial assistance at later stage of life is not advisable and understanding this risk is more important. Women have longer period of health issues in old age. Therefore health benefit costs affects more to women than men as income tends to have low or sometimes no income at this stage of life.
Reason 2#Emergencies or situations: In situation of a sudden death of a life partner; a women is less likely to be fully aware of his partner’s investments and financial situation. Even if women handles day to day expanse and bills of home she is hardly aware of how financially secured her future is. Some real life situations like this make women to go for finding solutions. Financial world is getting complex day by day with new innovations so it might be difficult if a person suddenly get pushed into it…unprepared. It’s really a need that a women should take interest and participate in the decision making of each financial matters of home.
Reason 3# Women earns less: Women in general (I may be wrong) earns less as compared to men and mostly all her income goes in home expanses and therefore savings hardly turns into investments.
Reason 4# More breaks in profession/career: Women takes more breaks in her career than men. These breaks are often long term like break after having a baby, after marriage or due to change in city. It also gets secondary due to women are not main earners in the family but ‘supporting’ role or taking part-time jobs. But this can badly affects not only her earning capacity but also in managing money affairs.
Reason 5# Single/Divorced women: Divorced women suffers more financial burden than men because of inequality of income and this burden increase when if she gets the custody of kids. After divorce as a single women with or without children have to take control over finances, manage day to day expanses, and pay bills and to save for children education/marriage and for retirement too.
Reason 6# Boost financial confidence: In general, women find investment decisions more stressful and difficult to handle due to low confidence and lack of financial knowledge. Women also finds it less interesting to discuss and learn about money or financial matters. Even women who are well educated and successful professionally lacks financial literacy and depends on their husbands or hire professional advisors for investments.
The fact is women has a tendency in saving and can take more investment risks than men. The only thing that is missing is proper education to boost confidence. It doesn’t require a professional degree to learn about handling money and investments. There are many resources available to help women get educated. There are many websites, financial blogs (including mine) which provides all information like basic rules of investing, information about financial products and services, tools and calculators, budget worksheets etc. Online money tools are of great to use and easy to learn. Taking consultation before making investments can also help to make better investment decision. With every such decision will surely boost your confidence and even if you made mistakes don’t stop… consider it as a lesson learnt !
So…stop giving excuses and start building your financial future…Secure.
- New York times.com