She saves regularly and has a definite financial plan in place. However, that was not always the case with 49-year-old Sandhya Natarajan. Until her divorce a few years ago, Natarajan depended on her husband to make all the investments. “I did not want to intrude in money matters. I also lacked the know how to do it myself,” says the Chennai-based marketing professional.
Like her, Jaipur-based designer Pooja Dagur has a flourishing career, but she does not take part in the family’s financial decision making. “I am not aware of investment options except fixed deposits and PF. Besides, work along with looking after the house does not leave me much time so I let my husband make all the investments,” says the 39-year-old.
Both Dagur and Natarajan represent a vast number of women in India who have evaded or still are evading the responsibility of managing their finances. Social conditioning definitely plays a part here. In our country, women, even earning ones, let male members in the family—father, husband and brother— handle the family’s finances.
“Women are brought up to believe that managing money is part of the male domain,” says Mrin Aggarwal, Founder Director, Finsafe India. Nearly 42% of the 139 women respondents to a survey conducted by ET Wealth said they let their partners handle the family’s money.
In Pic: Sandhya Natarajan, 49, Chennai Marketing professional
Her mistake: Left financial decision-making to her husband during the time she was married. Following her divorce she found it difficult to plan for her financial future along with handling the household.
Her learning: As she had little knowledge of investments, she took the help of a professional adviser to get her finances back on track.
However, this hands-off approach comes with its set of pitfalls. Let us examine the biggest financial mistakes women tend to make and how they affect their financial health.Sharing is caring! Link to this article:
4 money mistakes that women make!
Please Rate This Article:
If you like this article, then please give us a rating by locating “user rating” (see below) and click on a star between 1-5. If you like this article, then please share this page on your favorite social media platform. We appreciate you taking the time to visit our site.