This blog tries to break investing myths where young women are concerned.
Busting Myths About the Investment Habits of Women
Myth #1: Women don’t have a count on money
The notion that women are hasty regarding money is a mutilating stereotype. Pop culture, movies, art & literature, have only added to the misbelief.
However, it is divulged that women are not just capable of saving, but they tend to earn more annually in the investment they do by the same amount. You can bust this investment myth by noting where the money is going, however small the amount is, which will raise your savings. Keeping a diary regularly is a better way to plan your weekly or monthly budget. Also, ensure you curb expenditures wherever possible.
Myth#2: Women always rely on men for their money management
This is yet another myth that has societal norms turned into credence. Women often rely on money management on men is somewhere not true. However, given a chance, women are more than glad to contribute to financial planning.
In real life, Indian women are self-sufficient in taking their own decisions. As pro house managers at home and efficient leaders at work, women hardly depend on anybody to achieve their goals. In today’s time, urban culture is prevalent in most households where both the partners earn to contribute to their household expenditure. Women being full time working individuals, women are seldom involved in the investments taking financial decisions. This myth needs to change.
Myth#3: Women are Incapable of Apprehending Financial Matters
Are the basic financial terms like stocks, mutual funds (SIP), inflation, credit score too difficult to understand? If considered as a myth, yes. Goes with a similar belief that mathematics and science male aligned. Such beliefs are penetrated in the minds of women in a way that they certainly bestow all the financial decisions on to their male members in the family.
However, the truth is different. Women who think they cannot comprehend financial matters should know that few of the Indian banks are owned by prominent women. A well-informed content and knowledge in financial investments can help you build a lifetime of financial happiness.
Myth#4: Women’s responsibilities are restricted to a domestic space
Time has changed, but one of the few perceptions that men are the house-earners and women the housekeeper is still prominent. In most instances where a woman is working, she must perform household chores. However, to be more precise, is it genuine to be assigned societal roles based on gender?
In the world today, where women are knowledgeable and educated, they are accessible to the world of information. There is absolutely no reason for women to not be a part of crucial financial decisions.
Myth#5: Entrepreneurs are always men
Contradicting the age-old belief that men play the entrepreneurial roles, where most of the Indian women are in the start-up business. Many people often create an image of men as entrepreneurs when it is tech startups. Still, they usually forget that startups today are widespread across various zones – few of which are influenced by women. It can also be noted that few of many women are CEOs. Besides, it is proved that four out of five women in India pursue to be entrepreneurs.
Digital First Neo Bank for Women:
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This product functions precisely like any other bank. It helps you in opening an account where you can perform your routine transactions like easy money transfers, make safe and secure investments learn how to plan your finance and invest, shop from your favourite store with direct offers/discounts leveraging you with a buy now, pay later option, get yourself insured, fulfil your entrepreneurial goals with business loan option and much more. With us, you can also educate yourself to plan your finances with training and learning tutors in video clips, SMS, etc. We have experts who are always available on chat and call to solve your investment-related issues.
FAQs
What Women Should Know About Investing?
- Financial investments are not just a man's domain.
- Get an interpretation of compound interest and the time value of money. The earlier you invest, the more wealth you can gather.
- A serious commitment towards your planned investment strategy is important.
- You can always seek an expert's guidance when you plan to invest.
What Differently Can I Do this Year to Meet my Financial Goals?
Audit the finances you must be paid on investments and note down how to reduce the costs. Re-evaluate your risk indulgence regularly, and remember to rebalance your investment account yearly essential
Why is Financial Planning Important for Women?
Financial planning and investment are significant for women of every age if you want financial security for you and your family in the long term. It majorly impacts your confidence regarding money management. It is beneficial for you not only to save money but also to track your expenses. Besides, earning your money is not sufficient if the same cannot be used in times of crisis. Proper financial planning strengthens you for any unforeseen situations in life. Emergency funds always act as a financial shield for you.
Do Women Invest Distinctively?
If women truly take charge of investing in their finances, they would always prefer long-term investments compared to men, who want to take risks to earn more profit in the short term. A thorough woman investor under the guidance of an expert advisor can genuinely triumph in investing. This is how women invest distinctively:
- Women have integrated financial goals. It means they give more importance to integrating their career, family and self-care over surpassing a benchmark. This approach enforces her towards more purposeful financial goals connected to her life situations.
- Women usually opt for a Relational Approach. They do not see procedures and results; they often see a crucial bigger picture forming an investment strategy.
How Can I Become Better at Investing?
Listed below are different ways in which you can become better at investing your finances:
- Firstly, get your research work on your investments done thoroughly.
- Begin investing early with as much money you can invest.
- Build a goal-oriented investment strategy.
- Preferably opt for tax-efficient investments and then diversify.
- Once your portfolio is built, try to manage your portfolio systematically.
- Always aim at investing your finances for a longer-term.
- Practice periodic review and measurement of your investment performance.
Blog Summary:
The importance of investment is well-known among the masses. Young women today are financially independent and earning good pay and do not rely on their male peers to make their lives’ financial decisions. However, society refuses to believe that women are adept at finances and technology.