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  • Uploaded on - Indian women are proficient at handling day to day finances but financial planning has always stumped them. Are you also one of the countless Indian women baffled by money?

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financial challenges faced by indian women

Financial Challenges Faced by Indian Women &

How to Overcome Them

Money has delighted us, but also confounded us for quite a while now. For most part of

our life, we are either thinking, earning or spending it. But why have men been

traditionally better at handling finances, is a question worth looking into!

Indian women are proficient at handling day to day finances but financial planning has

always stumped them. Are you also one of the countless Indian women baffled by


For more info visit:

Read on to discover some of the major financial challenges Indian women face and

how to overcome them:

1. Gender pay gap: Article 39 of the Indian Constitution states that men and women are

entitled for equal pay against equal work. But that is hardly practiced! According to a

2017 article of India Responsible Business Forum (IRBF), women are paid 27% less as

compared to men.

Solution: Indian women are known to be less likely to ask for a raise from their boss as

compared to men, who are comfortable discussing money matters. Research the salary

benchmark for your role as well as the industry standards. Create a list of your

contribution to the business, your achievements and converse with your manager

regarding the same. Utilise salary indexes and calculators like Glassdoor and Pay Scale

to derive your actual worth.

2. Longer periods of absence from work: Indian women often adopt the role of the

primary care giver. Even though the concept of house husband is becoming popular

overseas, India is yet to notice such change. Thus, women encounter longer career

breaks due to pregnancy, ailing parents and other dependents. A direct impact of this is

visible in the reduced advancement opportunities and super-annuity benefits offered at

retirement. These factors make financial planning all the more important for women.

Solution: Approach this problem with a multi-pronged approach. There are three main

areas of concern - insurance, investment and retirement. First avail insurance to cover

yourself and your family against any financial discrepancies. Once you have

safeguarded your income, it is now time to use your savings. Invest in financial

instruments to generate new sources of income. Lastly focus on creating a retirement

corpus to ensure your family’s well-being post retirement.

3. Being emotionally attached to money: Women are always wary about running out of

money. They associate financial loss with failure and shame. This is one of the main

reasons women, unlike men, have lower risk appetite.

solution understand what money means in your life

Solution: Understand what money means in your life! Money is the tool that helps you

acquire and experience things to fulfil your needs. Separate the end result from the tool

to achieve it and make financial decisions from that unemotional place. Start utilizing

your savings to create a secondary source of income. If you are a first-time investor

with a low risk appetite, consider investing in FD (Fixed Deposits) by Bajaj Finance.

4. Longer Life expectancy: According to a study published by The Lancet Journal in

2017, Indian women have a life expectancy of 70.3 years, as compared to 66.9 years in

the case of Indian men. Increased life expectancy coupled with lower payouts at

retirement increase the retirement-savings gap between men and women.

Solution: Start planning for your retirement early. Even with lower payouts, you must

leave room to create an optimum retirement corpus. Apt and early retirement planning

enables you to be independent, while also being better prepared to meet unexpected

expenses. Several financial instruments like Senior Citizens' Saving Scheme, Post

Office Monthly Income Scheme, Fixed deposits, Mutual funds, etc. can help you plan

your retirement better.

5. Unchecked spending: You might be overlooking the importance of tracking your

expenditure. Even if analysing your cash flow does not appeal to you, it is an important

step to create wealth and fulfil your goals.

Solution: The most basic way to track expenses is by creating a budget. You should be

aware of your spending habits and track where your money is going. Prioritize your

spending to focus on your needs. Decide how much money you can put away on a

monthly basis, before you formulate your spending plan. Invest these savings monthly

or as a lump sum amount in recurring accounts or Fixed Deposit for Women to create

an indirect income source.

6. Leaving financial planning to your male counterpart: Most Indian women feel

financial planning to be a man’s job and depend on their male counterpart to plan their

finances. This is mainly due to the patriarchal setup of the Indian society, where men

are viewed as the main breadwinner and women adopt a sedentary role in financial


Solution: Working women have started actively participating in financial decisions of

the family, but even homemakers should not feel financially dis-empowered. They have

the additional time to start proactively investing and also develop a knowledge base in

financial planning. This enables them to be independent and adopt a more central role

in financial decision making.