Big dreams, lack of financial planning: Plight of Indian women in life goals preparedness

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Published: March 5, 2020 7:31 PM

Most Indian women don't get involved in decision making, even as they actively participate in conversations around financial planning and investments at home.

financial planning, investments, financial goals, women, Bajaj Allianz Life Goals Preparedness Survey, financial decisions of women, women's dayA majority of Indian women dream big about life goals, but they do very little financial planning to realise the goals.

A majority of Indian women dream big about life goals, but they do very little financial planning to realise the goals, reveals Bajaj Allianz Life Goals Preparedness Survey. In fact, more than 50 per cent of women dream of life goals that are so big that such goals are difficult to achieve even through financial planning.

Most Indian women don’t get involved in decision making that have an impact on their financial future, even as they actively participate in conversations around financial planning and investments at home.

Not only married women, but most single, divorced and widowed women also pass the responsibility to their male relatives, even as financial planning and investment should be on top of the list of things that women need to get involved with.

Also Read: 5 reasons why women should be integral part of family financial planning

According to the Bajaj Allianz Life Goals Preparedness Survey, 53 per cent of women have not done sufficient financial planning to realise their life goals, although more women aspire for goals related to health, fitness and travel to new and exotic locations, then men.

While 25 per cent more females, compared to male, aspire towards health and fitness related goals, in case of traveling to new and exotic locations, 26 per cent more women, compared to men, aspire for it.

Interestingly, physical and mental fitness is amongst the top 5 life goals for women, as 1 in 4 females want to be physically and mentally fit, compared to 14 per cent males.

With more than 1 in 2 life goals are influenced by them, friends, family members and elders influence women most to take up life goals, reveals the survey.

Apart from friends and family members, social media, books and movies also play a crucial role in influencing financial decisions of women.

According to the survey, one in every four life goals of women are influenced by books, while movies influence life goals of one in every 5 females, which are 42 per cent and 67 per cent higher respectively in comparison to men.

Similarly, social media also has relatively higher influence in women compared to men, with 20 per cent of the life goals of women are influenced by social media, compared to 17 per cent influence effect in men.

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