For a RAINY DAY!
It’s crucial to save and invest diligently because one can never be too prepared for the vagaries of life. However, it is doubly important for women to be financially aware because there are certain unique challenges that they face like longer life expectancy, shorter career spans, time out of the workforce for caregiving, and lower salaries, among other issues. Studies show that many women are still lagging when it comes to savings and investments. According to a 2019 Max Life Insurance survey, 42 per cent of women’s earnings are spent on household expenditure; only 19 per cent on term insurance plans, and only 33 per cent save money for their old age or to cope with the loss of a partner.
Read on for reasons why you should start saving and not neglect your own financial matters.
LONGER LIFE SPAN
Having a longer life span than, “Women have a life expectancy of 70.4 years, compared to 67.8 years for men, which means that they will be outliving men by three to four years. Men invest for retirement, but the financial security of the spouse is often ignored; a higher life expectancy means that women must save for financial security in the event of the spouse’s demise. Medical expenses are high after the age of 60, and savings are crucial to meet emergency expenses.”
