Why is Financial Wellness Important for Women?

  • 20th Nov'21
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It is your life lady, live it to the fullest -Anonymous. 

But how? The answer is very simple, by saving and investing your income the right way. The saved money could be used to fulfill your desires. Financial wellness for women is very important.

“Investment? It is hard for women to understand finance, Investment is not your cup of tea, etc.” Women have always been judged and are stereotyped as not very good at handling finances. But times have changed! Women are succeeding in the field of finance and even investing in different platforms for a better future. Moreover, we have also witnessed women entrepreneurs shattering the glass ceiling with their talents.

Women need to have their assets. Once you are financially literate, money management becomes easier. The remaining time could be invested in asset building. But before investing your money it is important to educate yourself about money management. Every well-read and informed financial decision will make you achieve your financial goal. 

 

What is Financial Literacy?

Financial literacy is the ability to understand and use financial skills. It can also be explained as the foundation of a relationship with money. Understanding finances is not possible in a day or two. It is a lifelong process. The earlier you start, the better you learn. It is important for everyone to have knowledge about money-related issues and to participate in them. 

 

Why is it Important for Women to be Financially Literate?

Financial literacy for women is important for freedom. It empowers you to make independent decisions and makes you much more confident. According to a survey on women’s financial literacy, only a small percentage of women can grow their existing wealth. Among that small percentage, only 33% have the confidence to invest their money where they see it fits.

Main reasons for financial literacy for women wellness 

  • Prepares for emergencies. 

  • Can deal with inflation. 

  • Women become independent and decision-makers.  

  • Ability to manage finances. 

  • Help to have a stand-in society and family. 

 

Financial Wellness

 

Why do Women Struggle with Financial Literacy?

Low literacy rate has a drastic impact on the lives of women. As a result, it becomes tough to understand bank agreements, debt statements, credit card agreements, and other financial documents. 

According to US Department of Education reports, 3.8 million American women have basic level education. The education includes basic writing, reading, and reading at a third-grade level. Women who lack education face many issues while applying for loans, credit cards agreements, paying taxes, managing investments, student loans, and even they suffer to manage their own income. 

 

Key things to Remember for Financial Wellness 

Here are a few things that will surely be a helping hand to save and invest money.

 

Start saving money

It is important to save at least 15% ( or more) part of your income. If you have any kind of debt then focus on repaying it. But when you are out of it then save your money. The 15% of your income could be for a future house, car, child, or retirement. The saved part of the income can be invested in any good scheme or a plan by taking a piece of advice from a financial adviser. Saving money is also important for emergency purposes.

 

Financial Wellness

 

Learn about investing 

Always learn about investment from a professional investment advisor. You can also learn about the basics of investing and money management by reading books, watching videos, and attending some online seminars. Read about the tips for beginners to invest in the stock market. All you need to do is get started in the business of investing. Every day there is something new in the game of investing so be sure to read timely updates. The real estate business 

Real estate is said to be the best way to build wealth. Some people recommend that you buy physical properties and a few of them will recommend REITs. You can also consider investing in the stock market. With the number of discount brokers choices available, you can easily gain access to commission-free stock.

 

What are REITs? 

REIT stands for Real-estate Investment Trust. They are the companies that own, operate, or finance income-producing real estate. The REITs give an investment opportunity. Like any other investment, REITs allow anyone to invest in portfolios of real estate.

 

Keep a record of your money

When you are earning, it becomes important to track your expenses. Evaluate your financial situation every year. You need to know about your income, savings, and expenditure. This will determine progress towards the financial goal. Keeping a record will also tell whether the expenses are of use or not.

 

Conclusion

Making a budget and spending it accordingly should be part of your routine lifestyle. Women nowadays are smart enough to know about the good and bad. Educate yourself about finances, learn the tricks of investment, save for the future, and live life to the fullest.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

KAJAL THARWANI, OpenGrowth Content Team

An explorer who takes risks and learns from her mistakes. An aspirational content writer, studying social work. Kajal loves trying her hands in different crafts.


Post Your Comment
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100% Agreed Kajal.

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