Why is managing finance a necessity for young women?
The life experiences of men and women are not the same. They also go through different risks in life. As planning for finances is a personal choice and experience it is a necessity to look at it for women differently as compared to men.
Women need to give hard thought to financial management compared to men for a few different reasons. Women generally are not seen considering investments or investing as their top priority.
What are the reasons for women to consider financial management more seriously compared to men?
Women earn less compared to men. It is a fact that women are at least paid 20% less than what a man is paid for the same job, globally. Thus the earrings of women in a lifetime us less compared to men which in turn reduces their savings as well as the retirement kitty.
In most cases, women are found taking career breaks for handling family situations.
There can be a possible addition to the losses if a woman has to manage their career and home equally.
According to WHO, women have more life expectancy, i.e. 70.3 years compared to men who have a life expectancy of 67.4 years.
It is often seen that women are not being able to reply on the ownerships like property and assets. Though the law provides for similar rights, in the practical situation it is seen that men are owning the assets and women have to rely on others for financial support at their old age.
Women generally have to end up taking more responsibilities and make more expenses in their lifetime.
In the case of divorce also women are seen to be more affected by the financial consequences compared to men. Women are generally given the right to take care of the child and the money they get from the alimony are often not sufficient.