"The Active Participation of Women, Especially in Financial Affairs, Can Revolutionize Wealth Management and Inheritance Patterns."
Women are vital contributors to societal progress, donning numerous roles such as mothers, daughters, spouses, caregivers, business leaders, and more. They exhibit remarkable multitasking abilities, embodying a harmonious blend of yin and yang energies. Women excel in leadership, whether as Fortune 500 CEOs or homemakers managing households. Yet, their active involvement in financial matters often lags behind. While change is emerging, it remains in its early stages.
"Let's explore several compelling reasons why women should assume control of their financial matters."
Prospective Heirs : Indian women are projected to have a longer life expectancy than men by a few years on average, as per the Economic Survey 2021-22 presented by Finance Minister Nirmala Sitharaman in the previous year. This implies a higher likelihood of women inheriting some family wealth. However, do women possess the necessary knowledge and awareness regarding the opportunities and challenges associated with inheriting wealth? It is not only vital for them to grasp the mechanisms of wealth creation and management to meet their family's financial goals, but it's also crucial that they comprehend the intricacies of estate planning to secure the future of both themselves and their loved ones."
Financial independence : Achieving genuine financial independence goes beyond merely earning a living; it entails the capacity to handle wealth without relying on external assistance. Therefore, families must recognize that it's not only essential to pass down wealth to their heirs but also imperative to provide them with the appropriate information and expertise on establishing an efficient estate plan to access their inheritance and manage it judiciously."
Handling Unexpected Situations : "The sudden loss of a beloved family member can frequently result in a state of disorder and uncertainty. Women typically bear significant responsibilities throughout their lives. However, these responsibilities intensify greatly when they are compelled to step into the role of managing their family's financial affairs, particularly following the passing of the family member responsible for these matters. In the event of such an unexpected situation, if the woman lacks experience in financial matters, the path ahead may prove challenging, not just for her but also for her family."
Influencer : "There's a famous saying that states, 'When you educate a man, you educate an individual, but when you educate a woman, you educate a generation.' Women hold a significant role within their families, and if they engage in financial decisions alongside men, it can undoubtedly have a positive effect on the upcoming generation. This will raise awareness and financial knowledge, ultimately contributing to gender equality in family financial decision-making."
Family issues : "In traditional extended Indian families, women who outlive their husbands and lack financial control can find themselves susceptible to dominance by other family members or external parties. Furthermore, children and grandchildren may exert significant influence on the family's financial affairs, potentially resulting in an unjust distribution of wealth and depriving the woman who was the initial inheritor of her rightful financial resources."
"Attaining financial independence is a universal objective that everyone, regardless of gender, should strive for. It fosters confidence and equips individuals to navigate life's various circumstances, whether they are favorable or challenging. Women's active participation in financial affairs can undoubtedly bring about a transformation in the way households in India handle and pass down wealth."
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