Family Budget: Do Women Need To Save More Than Men?
The value of saving money should never be undermined. It helps one prioritize one’s life. But have you ever wondered what impact gender can have on the amount of savings one does? According to a study conducted by TIAA, women should save more than their male counterparts.
SheThePeople.TV interviewed women of different age-groups to know their take on the same.
Karishma Verma, working in the aviation industry says “women understand their responsibilities better, they manage the house in a better way.The secret wallet of mother’s savings always proves helpful whenever there’s a financial problem.” In fact, with an example Karishma shares men head to the lady of the house when financial emergency strikes. “Let us take the example of demonetization. My mom had saved a lot of Rs.100 notes because of which we could tide over this difficult time easily. I guess women should use their quality of being far-sighted to help their families in times of financial crisis.”
But is that just one time? How often does a transformational move like this really occur? Is the problem embedded in the wage gap women face? Does that make them better savers? Asha Singh, a homemaker in her mid-30’s makes a strong point.
“I guess it is the gender pay gap to be blamed. Women are paid less for equal amount of work. This disturbs the whole financial cycle of a woman’s life. In order to compensate that gap, they must save more for their future.”
Radha Chhabra, another homemaker from Delhi, sites different reasons for saving money. “I save a lot for my recreational activities. I get so tired juggling between my personal and professional lives, that I need time to rejuvenate. I think women need their share of happiness. No one really cares about us. And why should we be dependent on anyone? I have seen so many elderly women being thrown out of the houses by their families. Saving money for twilight years can help.”
Rashi Goel, an Economics student from Delhi University, says, “Well, there are reports which prove that more and more women are entering the workforce but I still feel that the number is very insignificant. Majority of women are financially dependent on their male counterparts. This restricts their freedom to buy whatever they want to. Women must save to secure their future.”
Life is unpredictable. Depending on families or husbands for the same is futile. Moreover, I have also studied that women have more health issues in their old age. Their savings can help them at that time.
Kanika Arora, a nutritionist working in Delhi, blames lack of financial education for the same.”There are only few women equipped with the right banking knowledge that can help them in times of crisis. Families just don’t believe in the concept of imparting financial education in their girls. In such a bleak scenario, it becomes all the more important for women to rely on their savings.