From Piggy Banks to FDs: Ensure your Daughters’ Financial Fitness
I’ve hardly ever seen my mom filling up a cheque but I’ve surely seen her making bills and deciding the monthly budget of the household. This has always left me wondering why women refrain from taking money-related decisions when they have “inbuilt” expertise in handling the finances so well. It’s time we take up the charge of our money and redefine the ingrained role of men as the ultimate financial caretakers. Wondering where to start the journey for financial fitness? The answer is simple. Your daughters.
There is no age for indulging daughters in essential financial matters. Let’s be real, we introduce kids to finances at a very early age when we gift them piggy banks wherein they save the coins and brag about their savings by shaking them to hear that tinkling of metal. Then why not continue this when they grow old by replacing the fat piggy banks with FDs and saving accounts? Why are we so adamant about teaching our daughters the household chores and fail to groom them in financial matters?
Gives a sense of independence
My parents, especially my grandmother has always been inclined towards the need for financial literacy. She took me to the bank when I passed school and applied for opening an account so that I know where to put the money I earn in the future. I won’t be lying when I say that holding a checkbook in my hand was one of the most empowering moments and I felt a sense of independence. Being aware of money-related matters uplifts you in ways you can’t imagine. Women, in general, have this habit of saving small amounts at odd places for emergencies, then why not introduce them to investment options, say, systematic investment plan (SIP) where they can capitalize these small savings? When a woman has to seek a male’s permission to buy something, she would surely hesitate but there would be a turnaround in the situation if she owns her finances.
The onus of financially securing our future has been put on the shoulders of men. Why can’t daughters be guided on how much to invest and where to invest? Start small, but at least start somewhere. Seek professional help if you want. Even if you commit mistakes, remember that these will help you grow. The first step is to plan your finances. Think before you spend and allocate your earnings to different domains so as to be aware of how much can be saved on a monthly basis. Even the smallest of earnings can be pooled in overtime to ensure a secure future.
Challenge the stereotypes
“Women aren’t good with numbers”, this is a preconceived notion and has acted as an obstacle in entering this male-dominated sphere. Predefined gender roles have also acted as a hurdle since we hardly expect daughters to take control of their own money and make them rely on their brothers, fathers and later, husbands. Question these stereotypes! Ladies, you’re as much capable of making sound investments as you are of earning!
A wholesome decision
By ensuring that the daughters of today are financially adept, we’re laying the bricks for strong, financially independent individuals in the generations to come. Added to a secure future for the forthcoming generation, a financially literate daughter will also be able to take better care of her parents. A girl who is financially fit will support her parents in their old age. Medical insurance for parents, contributing to paying for kids’ education, investing in furnishing the house, or just saving for the family, daughters who can handle money matters prove that they lead a wholesome financial journey.
So, shed your inhibitions and shove the insecurities! Take baby steps but make a start!
Article in partnership with AMFI, Mutual Funds Sahi Hai. Mutual Fund investments are subject to market risk. Read all scheme related documents carefully