Financial fitness for women
Women need to learn to manage their finances, or risk being left penniless
Dubai: It used to be that women would depend on men for money. These days, women are marrying later or not at all. And when they do get married, women earn a living and share the financial responsibility with men.
But, many women still procrastinate over financial planning and investing, as they feel overwhelmed by other priorities.
Tracey Hughes, a consultant at Acuma - Independent Financial Advice — in Abu Dhabi, said that the fundamentals of financial planning for women are not so different to men, but certain circumstances unique to them make it all the more important for them to take their financial affairs seriously.
“Women do have the added complications specific to them, such as longer lifespan and staggered career paths, making it so important to plan ahead,” said Hughes.
“It is true to say that men and women are not always on the same page when they think about the issues like money and happiness, kids’ future and their own future. Women tend to look at the what if’s in life — what if my husband dies, can I pay the mortgage? Will I have to work? What if I get a critical illness, who will look after the kids? The house?” added Hughes.
Ashok Sardana, managing director at Continental Group, observed that while women are comfortable with managing their daily household finances, they still rely on their husband or father when it comes to investments or retirement planning.
“Many a times women tend to leave their financial planning to their husband or father. This leaves a massive gap between what is actually needed and the action taken,” Sardana said.
If you’re planning to get married, think about the expenses you have to cover when you get pregnant. Prenatal, delivery and postnatal expenses can be a burden on your finances. “Women need to be aware of the importance of having the right medical insurance especially when planning to start a family,” said Sardana. “Also, it is important to make sure that the medical cover is put in place well in advance to account for any waiting periods that may apply. With the price of medical care being expensive, it is imperative that anyone who is pregnant have adequate insurance in order to make sure that both mum and baby are properly cared for before, during and after the pregnancy,” he added.
