Women need to think about money far more than men!
Let us start from the very beginning. Girls are taught to be pretty, carry around a purse and spend, while men are taught to build. Lego for boys and Barbie dolls for girls. Girls are almost psyched into believing that there is something called a ‘shopping therapy’ and all problems are solved by going shopping. I find women with multiple UNUSED shoes and dresses, just like that. This is not girls’ fault at all; it is just the way that girls are psyched right from their childhood. They are more tuned to spending than building.
Girls have to fight their way to get good education. Unless a girl is really brilliant, even middle-class families may not be willing to invest Rs 2.5 crore for their education, say, to become an MD or MS, or do super specialisation. So, the investment that goes into educating a girl child will be less than the investment that goes to educating a boy.
Girls give up their career far more easily than their husbands. Even if a girl has spent Rs 45 lakh on her education, stays in a metro, and is earning Rs 20 lakh a year, she will give it up for a husband staying in a non-metro and earning Rs 30 lakh. You can put a decimal in between these numbers if you feel they are too high, but I guess you get the drift. Also, girls/women give up their careers in the middle for transfers/change of jobs, which again means a gender gap in salaries.
Girls have babies. Absolutely true! A girl takes a break to have a baby (or babies) and that means a break for three months to three years. It is not easy to get back into a job in such a competitive world, and the gender pay gap widens.
Women are care givers! Whether it is a child with special needs or writing Class 10 exam, or a parent needing care, the first port of call is the woman. I am not criticising this. I am just saying why women tend to have lesser saving or investment than their husbands or brothers.
Women do not learn about investing. Their fathers, husbands, brothers… somebody looks after their money EVEN if they are into banking, mutual funds or insurance. I have no clue why this happens, but well-qualified women are more than willing to abdicate their financial duties. It’s sad, and requires to change.
Women usually live longer than men, it’s a fact — which means they will have to plan their retirement better.