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3 Women Can Take Charge of Their Financial Futures

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3 ways women can take charge of their financial future
January 19, 2024

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In this policy, the investment risks in the investment portfolio is borne by the policyholder.

Planning to invest, strategizing the right way and choosing the correct plans isn’t rocket science. Yet, many women, several of them with successful careers, find it daunting to take charge of their financial future. Instead, most find comfort in letting a male relative take the call for them. But women can take some simple steps and embark on an exciting and fruitful investment journey. Here’s a ready path to help you get started, in three simple ways.

But before that, it’s crucial to check the ground reality in India. 

Reality bites

LXME’s Women and Money Power Report 2022 claims that 49% of Indian women either don’t invest or have no clue about their investments. Another survey reveals that of the women who invest, only 27% take decisions on their own. Such a scenario in this digital era is striking enough. Women financial experts and advisors share that many women believe men are better at financial decisions. This is indeed a myth, they assert. In order to take charge of their own financial future, it’s essential that women understand that they too can understand and steer well through the investment journey. Post that, a correct strategy will take care of the rest. 

So, how can women feel empowered to take charge of their investments? 

3 steps to a strong financial future

It’s not that tough to plan a secure financial future. If you are a woman looking to make your financial foothold strong for the future, here’s what you can do. 

Making the appropriate plan

To ensure a secure future, the first step is to create a proper investment plan that matches your needs, convenience and budget. This requires:

Understanding family finance- Yes, the male members of the family often take charge of investment decisions. However, it is crucial to understand how your family finances function and the amount needed to sustain a certain standard of living. Proper knowledge will help if you suddenly need to take charge of yourself or the family in the event of unforeseen circumstances.  

Setting financial goals- Be it starting a business, buying a home, or creating a corpus for your child’s education or marriage, everyone has their own life goals, priorities and timelines. Based on that, estimating a probable cost for each one and creating individual separate accounts will be helpful to identify the investments needed to serve the purpose. 

Having an emergency fund- Life is unpredictable and you need to face emergencies at any point in time. It can be a medical situation, a sudden financial crunch due to loss of job or downturn of business, or even a natural disaster jeopardizing your life etc. A fund kept for emergencies can save you here and help in overcome financial struggles. 

Building a retirement income source- Retirement means no regular and steady flow of earnings anymore unless you have a pension. Starting early to save for your retirement corpus, investing in a pension or annuity plan should be included in your investment strategy. 

Knowing the investment opportunities- While you identify and estimate your investment needs, it’s equally important to know where and how to invest. Having a sound knowledge of the investment options available will help you etch the correct strategy for your finances. A Unit Linked Insurance plan for example cannot only help you to protect your family’s future in the event of your unfortunate demise but will also be a wise choice of investment to grow your money. This is because a part of its premium goes to form the life cover and the rest is invested in a portfolio of market-linked funds to fetch returns. The portfolio here can be of only equities, only debt funds or a mix of both depending on your risk appetite. 

Seeking help from experts

If you feel stuck or lack confidence in making the strategy for your financial future, the experts are there to help you. Seek guidance from a financial advisor, who will not only prepare an appropriate investment plan for you but will also take care of your investments. If you are looking to plan your financial future for the first time, this step can always be fruitful in minimizing losses or avoiding erroneous decisions. 

Trusting digital resources

If you want to be self-sufficient in your investment journey, there are various digital resources to help you out. There are websites and apps for almost all banks and financial organizations as well as aggregator platforms from which you can get the necessary information and guidance. There are online investment guidance apps and websites as well. Alongside, there are articles and podcasts aplenty on the internet to help with your preparations and decisions. 

So, three easy steps and here you go! Surge ahead confidently and be responsible for your own future, lady!    

Related Articles

Source:

https://www.cnbctv18.com/business/49-pc-of-india-women-do-not-invest-how-to-achieve-financial-independence-16107391.htm

https://www.finra.org/investors/insights/women-and-investing

https://www.livemint.com/news/india/only-27-of-women-take-their-own-financial-decisions-study-11678160654342.html

ARN - ED/12/23/6952

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimer

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year  

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

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