Why Millennial Women Need to Save More

Financial Independence is now synonymous to women in modern India. We are on a rampage to create and achieve defining roles central to our growth. Being an entrepreneur, professor, software developer, among other professions, we possess capabilities of being a crucial aspect of the nation’s economy. The competency to perform better has diversified our job roles.

An earning woman is now equally responsible for maintaining the family and her own needs just like men. Expenses are thoughtful and not carelessly spent. The flow of income requires us to take calculated risks and consider wise investment options for maintaining finances appropriately. As women, we have to be rather aware of the choices we make, when we need to decide what to do with our savings.

Why Are Savings Significant for Women?

 

Fewer Years of Work

For women who are working, there comes the point when they take time off to cater to their child’s need or for any other personal or family obligation. The time away from work can drastically vary from months to years, which also means no income during this time. With no income in hand, women spend consciously. The fortune that savings can bring is a rescue then. Another aspect to consider is the salaries they draw when they join organisations post leave. The pay may be usually less compared to their initial earnings.

Higher Life Expectancy  

In India, the age at which most people retire is 60 years; hence a retirement plan is also something we should consider while working. Reports suggest that women usually tend to live longer than a man, which also means that we should save twice as much as a man saves. Securing our retirement with the fortunes from savings relieves us of the “from where will we spend” apprehensions.

Gives Financial Security

Having a sufficient amount in hand for unforeseen / emergencies helps to meet the requirements smoothly. Also, having a certain amount to invest in a variety of schemes can help in the future. If you wish to start a small business, then a financial backing is crucial.

Freedom to Choose

Most single women consider living life independently, where certain dreams of having a home, a car and world travel seems to be possible only because we have secured a specific part of earnings as savings. If you are considering leaving your current job and following your passion, you need money to survive. Setting a saving goal out of the earnings each month may temporarily be inconvenient, but it can pave the way for new opportunities

Now, since we have established a few of the reasons why we women need to have savings, we can check the schemes where we can invest:

  • Fixed deposits
  • Public Provident Fund
  • National Savings Certificate
  • Mutual Funds
  • Equity Linked Saving Schemes
  • Sukanya Samriddhi Yojana Account (SSY)
  • Post Office Savings Scheme
  • Take health insurance

 

Literacy of how to manage your finance is imperative. Be wise in bargaining for an increment in the workplace that is worth your skill. The other aspect we should keep in mind is to work for more years to reap its benefits post-retirement. Lastly, one cliché thing that our savings can give us is the green signal to shop as much as we want!

Team WSL would take a moment to appreciate all the women in our lives – our mothers, daughters, sisters, friends and mentors who make our everyday beautiful! Take a bow! 

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