India historically being a patriarchal society for centuries has unfortunately created an eco-system where in women have been financially dependent before as well as post marriage. But boom in the technology sector and rapid urbanization of India post 90s has ushered in a disruptive transformation in women’s lifestyle. Even rural sector is seeing a major transformation in the way women have been handling their life affairs in a very positive way. The most significant aspect has been the financial independence that these women have managed to gain through various job opportunities that have cropped up with the advent of IT outsourcing, micro financing, boom in retail sector etc. They are no longer subjected to shackles of family obligations; rather they are taking equal responsibilities along with men and also ensuring that they are able to pursue their dreams. So if somebody asks the rationale behind why women need to have a contingency financial planning, the answer will be that their life expectancy is more than men so they need to have more money post retirement, they should be prepared for any kind of drastic event like death of spouse or divorce which requires sound bank balance to tide over the crisis and finally they need buffer amount to take care of their personal needs without having to be dependant either on their father or their husband.
It has been observed that there is definitely a lack of sufficient knowledge when it comes to dealing with the financial matters among men as well as women but more prevalent in the former due to various reasons and socio cultural system is the chief among them. It is imperative that they commit enough time and effort to learn the intricacies that is part of the financial world. Also this is an ongoing process and women need to keep adapting to the changing requirements on individual, family and social level. To start with it is better to have a grip on following areas under financial domain – Investment cum saving, monitoring the financial history, managing your debt, dealing with health care costs, opting for career growth through college education etc. This can be achieved by choosing a professional financial advisor and creatinga short term/long term roadmap so that she can sail past any major bump seamlessly. Also she needs to understand that there is no silver bullet solution for financial issues but all these factors will provide an appropriate indicator in terms where she stands financially and what needs to be done so that there is possibility of absorbing any shock that this life throws up. It is true that money cannot buy love and happiness but at least it can help you live life with dignity. So please do not procrastinate on this major aspect of your life and start working out a plan for yourself as well as for your family.