This article discusses the importance of having good financial knowledge for the ladies of today in order to be more involved in taking financial decisions because of their families. It elaborates how being financially savvy further, gaining the necessary skills and expertise in finance can help families make wiser financial options and in assist in building an ideal investment collection. Women, nowadays have great careers and more earning power than before, but it appears when it comes to making financial investments and building prosperity they are still quiescent.
Only one-third of women say it’s them who help in long term investment planning in a family, compared with two-thirds of men. According to Prudential’s eighth biennial research on the Financial Experience & Behaviors Among Women, Women feel no more ready to make sensible financial decisions today than they do a decade ago. They are mainly handling household expenses, and paying bills but it seems when it comes to making investments and financial planning, they behind lack far. 60% of women think that they had below average planning and investing skills. In New York Times article, Women to Wall Street: Are You Listening?
M.P. Dunleaey wrote, “A lot of women are struggling to feel in charge of their budget, given certain hurdles of their own”. Why is it that women who are the breadwinners in most of the families, still not ready to take control of money? It is even more very important to females to have financial knowledge as they a have a longer life span, a stronger immune system, and will outlive men.
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According to National Center for Women and Retirement Research, 9 out of 10 women will be accountable for handling her finances at some time in life solely. Often, due for some illness or death of the spouse, women suffer from money and discover themselves in a perplexing situation suddenly. Money cannot buy happiness but it surely boosts your happiness, as it can help in providing financial security and building a back-up.
This article discusses the various ways in which women can get economically savvy and build-up her confidence level in managing money. 1.Building Money Confidence- Women have been great at money rationing and know how to stretch a buck. They have managed to prepare extravagant foods always, provide for family necessities, and get the best offers in the market within a limited budget.
It’s time they start concentrating on long-term financial planning as well. If you’re new to handling money, start with checking your bank statements regularly and download your bank’s app to enable you to understand financial transactions. This would give you an insight into your spending habits and keep a check if you are running into debts. “An investment in knowledge always will pay the best interest.”- Benjamin Franklin.
Gaining knowledge has become easier these days, as everything is offered by the click of the button. Online tools and resources are a great way to learn more about finance and are quite informational. 2. Budgeting- Budgeting helps in determining short-term money needs as well as making long- term financial forecasts.