Women learn lesson on financial planning

Sudeep Sonawane,
Surat, 23 January 2020 –

Women should change the way they think about money matters and plan to invest wisely for their post retirement life, a financial expert told a forum here in Surat on Thursday.

Speaking at the event Co-founder of Torin Financial Literacy Programme Preeti Chhabra Chug said, “Most women do not plan for their future and leave financial planning to their husbands. They need to change this thinking and plan for their own post retirement stage.”

All India Maheshwari Women’s Society (AIMWS) jointly organised with Torin Financial Literacy Institute the free-of-charge women’s empowerment event as part of its Annual General Meeting at Maheswari Bhavan, City Light Road in Surat.

AIMWS President Anju Singh said the event aimed to empower women and ensure they do not have to be financially dependent on family members or other people in their post retirement life.

Highlighting the importance of financial planning, the speakers spoke about a life beyond kitty parties, dancing, singing and digital gaming at the event.

Chug shared her 12-year finance experience with the attendees and the importance of investment planning.

A survey shows around 68 per cent of husbands die before their wives pass away, Chug said. After the death of her husband, the wife becomes dependant on family members or other people. The wife does not have to rely on others, if her husband has invested wisely, but she face difficulty if he has not done.

Explaining why the society held this event, All India Maheshwari Women’s Society former president Bimladevi Saboo said, “The question of financial security arises when women grow older. Should women ask for money from their sons or daughters? India women often live in their comfort zones. Most think they their husband and children would care for them as age advances. This idealistic world shatters when husbands pass away and children abdicate their responsibilities. Therefore, we organised this event to highlight the importance of financial planning for older women.”

Concurring with this Chug said, “Through this event we want women to start thinking about the importance of financial planning. First, a change in thinking is imperative. Women need to plan for life after retirement age.

“Nowadays young women plan for everything; be it fashion, personal grooming, and cooking. They access information on the Internet for these topics. However, they lag behind in money matters, especially financial planning.  Traditionally, many women think this is men’s responsibility. Money is a basic need and financial planning should be on every woman’s to-do-list. Every woman should plan and invest wisely for financial security.”

About her opinion on the forthcoming national budget, Chug said, “We have plans to explain the finer aspects of budget to women in layman’s language. This budget may have schemes that benefit women.”