Women are becoming prominent faces of large and multinational corporate industries. Just as in the corporate sector, the role of women in managing home finances has also seen a substantial rise in the past decade. Various studies have shown that the active participation of women in the financial system results in better risk management, smooth consumption during financial shocks, and overall household funding. Women should protect themselves with the best life insurance policy to avoid any disturbances in their financial journey.
Four Reasons Women are Better Financial Advisors for Household Finance
With expanding access to education, the condition of women in India has seen a drastic improvement. Now, women and men make better allies when it comes to managing a household’s finances. Managing household finances can be extremely tricky given the variety of expenses and unpredictable situations.
Hence, nowadays, when it comes to taking financial advice, family members in every household, including women, come forward. This shifting of tasks between men and women explains that the females of India are now regarded as more than just a homemaker. In addition, women possess various qualities enabling them to have smooth sailing household finance.
Here are some of the reasons women play a pivotal role in shaping and managing home finance today.
1. Women are organized and detail-oriented
It is a well-known fact that women are relatively more organized, detail-oriented, and careful. These are the characteristics that come in handy while running a household and managing home finances.
Women are keen observers of their family members and their expenses. Thus, keeping an eye on the monthly expenses and preparation of a budget along with future planning can be handled better by women. Women can further assist their earning spouse in saving additional funds that they can set aside for any emergencies.
2. Women are great investors
Various economic and financial experts have proven that women tend to be better financial investors than men. This less aggressive and conservative approach has always favored women and directed them towards huge earnings as a return on their investments. Though taking high risks might pay off a fortune, there should always be a balance between low-risk and high-risk investments. Thankfully, Indian women succeed in this art of research, risk-assessing, and self-control.
3. Women are long-term planners
Women are considered more capable of shouldering various responsibilities while being aware of future uncertainties. While women are still struggling with the gender pay gap in most fields globally, this has imbibed a sense of securing their future. That’s why women tend to start long-term investments and future planning for secure retirement years. Many women further begin planning at an early age for their retirement. Apart from this, many women have a habit of saving small funds regularly that could help them tackle financial crunch at any point in life.
This long-term planning is what makes them more capable than men to manage and shape their home finance in a much better way!
4. Women are better decision-makers
Holding a better understanding of what you expect from life can assist you in managing your daily expenses. This is why every woman proves to be a better decision-maker as they tend to understand household expenses better and plan accordingly.
Nowadays, most women scale and regulate their income and expenses and determine financial investments like life insurance, mutual funds, etc. Even if their spouse is the only breadwinner of the family, setting long-term goals and financial advisory on household planning is actively taken up by women.
Apart from this, women manage to make conventional financial choices, like cutting down unnecessary expenses and implementing plans that benefit their families in the long run.
Three Top Life Insurance Policies for Women in India
The best life insurance plans can always help you with your home’s finances. Suppose you are a homemaker or a working woman looking for a great investment plan to save your funds for the future. In that case, you can easily choose one from the list of investment plans from Canara HSBC Oriental Bank of Commerce Life Insurance mentioned below.
1. Guaranteed Savings Plan
Guaranteed Savings Plan is a life insurance policy that can safeguard your future along with your loved ones.
a) Guaranteed earnings from the investmentsb) Tax exemptions as mentioned under section 80C of the Indian Income Tax Act, 1961c) Economical Premium Instalments
2. Invest 4G Plan
Invest 4G Plan is a unit-linked savings plan that is sure to give you guaranteed returns on your made investments.
a) Flexibility in premium paymentsb) Wealth Boosters and loyalty add-ons for better ROIc) Well-organized withdrawal alternative that acts as an additional source of income
3. iSelect Smart360 Term Plan
iSelect Smart360 Term Plan is an online term plan with return of premium by Canara HSBC Oriental Bank Of Commerce.
a) Higher returns on the premium paidb) Limited premium payment alternativec) Provides a choice to cover your spouse
To sum up, the traits mentioned above provide women with a better edge in managing household finances. This makes them arguably better planners and financial shapers of home for both present and future. Furthermore, the right investment plans coupled with the inherent skills can easily help them achieve a better future for themselves and their family.