This article based on my own observations and I think ‘Independence day is a perfect time to share this-

I am a member of different personal finance groups on Facebook. A few days before, in one such group, I have posted a question- ‘Are you discussing your finances with your wife?’. Most of the answers were – My wife is not interested in money management or personal finance.

On the other hand, I am also a part of various women-oriented and mom’s groups on Facebook. In some groups, I regularly came across various anonymous posts where ladies members shared their situations, feelings, fear, etc. 

There are also many posts where these ladies expressed that they are losing their confidence, lacking skills or knowledge about money management/investments, and hence, totally dependent on their spouse/ male members of the family.

Surprisingly, most of these ladies are educated and working. Following are my few observations from such posts: –

• Many women feel they are losing their confidence in money management and home management due to a lack of support and respect from spouses, in-laws, or both.
• Some earning women stated that they do not have any right to handle money matters and need to be dependent on their husbands to manage money, even for their earnings.
• They expected to give answers and explanations for their every expense. It includes money given to support their parents, and any gift to parents, sisters, or other relatives on any occasion.
• Opinions, thoughts, and suggestions expressed while discussing money & investments in the home get neglected, and mistakes in the past get often reminded to show that women cannot handle money matters.
• A few ladies expressed they need to divorce because they feel stuck in the marriage. But, at the same time, they are afraid of losing the financial backup and hence adjusting as a dependent.
• Divorcees or widows often find themselves helpless in financial matters because they are unaware of their husband’s finances, investments, and assets.
• There are also a few ladies, who are comfortable and enjoying their life and do not care about money, investments, and home finances as their husbands are managing these things successfully,
•  Some ladies successfully manage their home finances, money, and investments with their spouses.

What is the main reason for this?- ‘ The dependency on the male family members.

Before marriage, the father or brother takes care of home finances. And after marriage, this dependency gets forwarded or transferred to the husband.

For male family members – earning, handling finances and investments is not a matter of choice, but they have to learn it to live and take care of themselves and their families. While female members are not generally getting much involved, supported, or encouraged for the same thing.

With this post, I would like to tell all the gentlemen reading this post-

Encourage and support your wife, daughter, sister, daughter-in-law, or other female members of the family to learn about basic finance, investments, to do regular banking transactions, etc. Let them share their thoughts, involve them in your financial decisions, ask their opinion, accept their mistakes and support their decision.

Also, do not keep ‘Personal Finance Learning’ as a choice, help her to be independent in all the way.

And to the lovely ladies: – Your husband is your ‘life partner’ and not someone to depend on for everything. Please be independent.

Disclaimer- I understand that the above does not apply to all men, exceptions are there, and every individual is different. This post is just an effort to make people aware.

Gayatri Jagdale