Financial planning for women: '49% of women are either not investing or unaware of their investments'
Priti Rathi Gupta, MD and promoter of Anand Rathi Group and founder of LXME, a financial platform for women, believes that actively managing money gives women the power to fuel their dreams and aspirations. In conversation with Teena Jain Kaushal, she tells how she plans to bridge the gap between women and finance and create a wave of financially fearless women. BT: How should women do their financial planning? Priti Rathi Gupta: I wish women knew they are great at money management because they are! Women are already great at saving money, they can also efficiently invest and grow their money. It is important to take the first step; break the mind block of ‘it’s so risky’, ‘it’s not my cup of tea’, and ‘what if something goes wrong’. There’s a first time for everything! Take small steps, and chart out a financial plan with all your money goals and when you want to achieve them. Read, learn, ask other women about their financial planning journeys and then start with a small SIP (Systematic Investment Plan)! This is why we created the LXME community- a safe space for women to ask, learn and share about money management and financial planning experiences. BT: How important is it for women to buy insurance? Priti Rathi Gupta: The modern lifestyle and the rising stress levels attached to a dual role of a woman as a homemaker, working professional/businesswoman, and a mother, make her prone to more diseases than men. Single, married or retired, there is no good argument as to why a woman should not opt for her own insurance policy. As per LXME Women & Money Power Report, 58 % of women had no insurance(health or life) in their name. One way to deal with this is to prioritise your life and health insurance needs. Get vanilla health and life insurance and add riders as per your requirements. It not only protects family and loved ones but adds more financial security. If you already have a term plan, ensure you pay its premiums timely to prevent any policy lapse. Similarly, ensure you have an adequate medical insurance plan for yourself and your dependent family members to protect your money from getting drained in footing steep hospitalisation bills. Source: BusinessToday #Financialplanning