Financial Planning for Educated Young Women in India

Lokanath Mishra


Financial Planning is required for all men and women, irrespective of their age, educational background, income level, socio-cultural affiliation and family status. However, financial planning is considered mandatory for women, while it is important for men. Women outlive men by 2 to 3 years in India. As per the 2011 census estimate, life expectancy at birth for men in India is 66 years against 68 years for women. On the average, women earn only 76% of the amount earned by their male counterparts in the same profession. While men earn money uninterruptedly throughout their working life, women often need to take break, especially when they have children. Motherhood often interrupts their career. Many women leave their employment during early stage of their career for child birth / child care. Some of them return to work, while others do not. Those who come back to work often face the compulsion of starting their career all over again. As a result, their   superannuation benefits (PF, Gratuity, Pension etc.) remain lower. Women tend to be more conservative investors than men, which often means their portfolios do not grow as quickly when they are young – a time when they should be investing aggressively. Women are more intimidated about financial issues than men. Because of low level of interest in money matters and fear of going wrong, women often allow men (father / brother/ husband) to take financial decision on their behalf, but it has been observed that in nine out of ten cases they require to take such decisions independently later in their life. Women comprise a horrifying 87% of the impoverished elderly.  They, therefore, need to plan for their retirement carefully and need long term health care insurance. Taking control of one’s own personal finances can increase financial security.

Kewwords: Financial Planning, Personal Finance, Financial Security, Empowerment of Women, Financial Education, Budgeting, Investment Planning, Retirement Planning, Insurance Planning, Liability Planning, Estate Planning, Tax Planning.

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