Transcript of Podcast :
Hi I am Arjun Parthasarathy speaking and this podcast is on “Women are Beauty without Brains when it comes to Managing their Savings”
Hats off to our many women subscribers who manage their own savings and to all women who manage and grow their wealth. Unfortunately, you are too few in numbers and that is a huge problem.
At a recent Women’s day event, we offered to provide financial advise to the strong, successful women who attended the event at a price that was much cheaper than the cost of travel to the event. Unsurprisingly the women chose discounted SPA offers to financial advise. This is worrying especially when successful strong women shun much required financial advise to a SPA offer.
Why is it unsurprising and why is it worrying when women do not want to manage their savings? Its not only true in India but in US and other developed countries as well, given that many women financial advisors are highlight the issues of weak financial position of women.
It is unsurprising because women seem to equate finances with a Man’s activity such as watching a match with his buddies. It is worrying because men can easily make women financially vulnerable leading to all sorts of repercussions. It is happening all the time, as most of you who are listening to this podcast will know.
Women’s lack of interest in managing savings also filters into their children’s saving habits. Indian’s give money as present for children’s birthdays and that money is spent on one soon forgotten item or the other. If the money is invested correctly, it can even pay for their expensive education.
I myself have invested my daughter’s birthday cash, much to her resistance. However when I tell that her for every Rs 100 she invested she has received Rs 150 or Rs 200, her eyes light up and she’s slowly starting to take interest in what I do as a profession.
Everyday middle and upper class women see their maid’s struggling with finances. Unfortunately, a very high percentage of maids in India have husbands who take their money away to drink. Maids by nature are thrifty, learn to save and keep money away from their husbands to educate and feed their children. However, even the daily life lessons from the maid has not filtered into most of the women who employ them and then many of them find themselves in the same position as maids.
It is high time women, who are achievers in every respect, take charge of their finances. They owe it to themselves.
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