Women should no longer stand by and let
men manage the finances. We can work together to handle our family's finances.
Contrary to what we've been told, women are better naturally suited to handling
finances; it only takes a little instruction. Also, the earlier we begin
learning, the better.
Although the majority of Indians believe that men and women should share some household duties, many continue to uphold traditional, patriarchal ideals. For instance, a small majority of Indians (54 per cent) believe that both men and women in a family should be in charge of generating income. Nonetheless, 43 per cent believe that men should make the majority of the money. Also, 61 per cent of Indian women (and nearly two-thirds of all Indians) show complete agreement with the notion that a wife is always required to follow her husband.
Religious communities in India hold a wide range of opinions about gender roles in the home. In general, Sikhs and Buddhists are more likely to favour an equitable division of household duties than Muslims, who frequently hold the least egalitarian views. For instance, a sizable majority of Sikhs (80 per cent) believe that both men and women should contribute financially to the family and that both sons and daughters should attend the funeral rites of their parents (69 per cent). However, Muslims are significantly less likely to believe that these are shared obligations (37 per cent and 24 per cent, respectively); the majority of Indian Muslims believe that these roles belong to men and sons.
Financial Division vs Financial Partnership
Family finances have historically been seen as more of a male duty. Males went to work, made money, and were unaware of household activities, while women cared for the children and the home and were unaware of financial matters. Nonetheless, these "typical" family interactions have given rise to an astounding transformation.
Nowadays, women earn as much as men, if not more. There are more incredibly smart women who are in charge of their own prosperous businesses. Nonetheless, they are still not managing or even contributing to their own household. According to statistics, the male will pass away before the female, leaving her to handle the finances and investments without any knowledge of them. The pressure that comes with dying might be greatly reduced if you have a stable financial foundation and a partnering mentality.
You might be surprised to learn that women are often better investors than men since they are less prone to emotion and risk. Women are more likely to hang onto a stock for ten years than men are, which results in much higher tax payments. In the long run, the turtle prevails and earns more money, but consider how much money both the turtle and the rabbit could earn.
It is crucial for a family to have a strategy, a plan of action, and to share the same goals for the future of the family. Every family will have a different strategy because each member brings their unique priorities, objectives, and life experiences to the partnership. Yet, your family will be more likely to achieve its financial goals when you have a healthy balance of risk and security, and you will be able to pass on that skill to your children.
Redefining roles start in childhood
The most important thing we can all do for our family finances is teach our kids about money management, and we shouldn't exclude them based on their gender or even their skills. It's possible that kids learn differently from you. We are not all alike. It can be challenging for parents to choose how to educate their children because we all have varied strengths and talents, especially between boys and girls.
Parents frequently fall into the trap of thinking, "They're just like me, so it'll be easy if I teach them what I like," or "I'm just going to concentrate on this kid since I don't need to explain as much or take as much time." Their self-esteem and education will be greatly impacted by your inclusiveness towards all of your children and your recognition of the fact that they all have unique personalities, abilities, and learning preferences. And by purposefully discussing finances with each child, you have the power to enable them to develop a positive relationship with money that most of us did not have when we were their age.
Time for women to step up
It should be like “My father educated both his daughters and sons to grasp what a budget is, what investments are, and all these other high-level concepts because he wanted his children to feel secure and to be a part of the family's financial decisions. He wanted us to be in charge and take responsibility for it. We all do, too.”
It's time for women to pursue the same education, take charge, and contribute to household money. Women can feel more empowered by becoming more familiar with and at ease with the family's finances. Rather than saying, "I'm in charge of the money," we can say, "I know where my money is going and what's going to happen if...”
Women must actively participate in shaping our financial destinies as partners in family finances. The norm for family money doesn't have to be, and it shouldn't be, the way we were raised. All members of the family, including our children, should receive financial education, regardless of gender.