Women’s Day is often filled with celebrations, motivational speeches, and social media posts encouraging women to be independent. But let’s face it—practically, no one is truly interested in your financial independence except you.
Your son may love you, but he is likely to be more interested in inheriting his father’s wealth. Your relatives will shower you with words of support, but when the time comes, they will be nowhere to be found. Even if you share a great bond with your sisters-in-law today, your financial future remains your responsibility. ( Read : How to protect against Financial frauds?)
Real-Life Stories: Why Women Must Take Charge of Their Finances
Simran : Left with Only a Fraction of Her Wealth
Simran, now in her 70s, lost her husband during the COVID-19 pandemic. He had ensured financial security for her—leaving behind a sizable house and enough liquidity to sustain her future. But managing finances alone was overwhelming for her. She turned to her children, trusting them to guide her. Instead, they convinced her to sell the assets, divided the money among themselves, and reassured her that they would take care of her needs. Today, she is left with only 20% of what she once had. The rest? Gone. She now depends on the very children who reduced her financial security instead of strengthening it.
Anita : The Shock of No Financial Planning
Anita was in her early 40s when she lost her husband. She assumed he had life insurance and investments to secure their future. But after his passing, she discovered a harsh reality—he had no life insurance, no health cover, and no long-term investments. With very little savings left, she had to take full control of her finances, something she was never involved in before. To make matters worse, her in-laws offered no help or support. She had to rebuild her financial life from scratch, learning through hardship how crucial financial planning truly is. ( Read: Know Your Advisor- A Crucial Step for Your Financial Health )
A Divorcee’s Struggle: No Financial Exposure, No Rights
A woman who was once married to a successful businessman found herself in financial ruin after her divorce. Her own family, including her brother, distanced themselves from her, leaving her to fend for herself. She had never been involved in financial decisions, never learned about investments, and had no idea about her legal rights after her father’s passing. Her brother took full advantage of this, keeping the inheritance to himself while she struggled with low-paying jobs just to survive. Had she been financially aware, she would have known how to secure her rightful assets and build a stable future for herself.
The Overconfidence of Gen Z and the Complacency of Married Women
Many young women today believe they know everything about money because they invest in stocks or crypto. But financial wisdom isn’t just about making returns; it’s about planning for uncertainty. On the other hand, married women often take a backseat, trusting their husbands blindly with financial decisions. Handing over your hard-earned money without ensuring your security is a mistake. ( Read: Understanding Gen Z: The Need for Financial Discipline )
Women and Financial Planning –The Harsh Truth: No One Will Do It for You
Many women, whether homemakers or professionals, leave financial matters to their fathers, husbands, brothers, or sons. They believe these men will always be there to manage their money. But life is unpredictable. What happens when the person handling everything is no longer around? Are you ready to take charge, or will you be left struggling?
Take an Active Role in Your Financial Life
Financial independence is more than just earning money; it’s about knowing how to manage it. Here’s what you need to start doing today:
- Understand How Nomination and Succession Work: A nomination does not guarantee ownership. Legal heirs still have rights. Know what happens to your assets after your lifetime.
- Know Your Investments: What assets does your family own? Where is the money invested? What are the sources of income? You should know the answers.
- Learn About Insurance: Life, health, and long-term care insurance are essential. How much coverage does your family have? Is it enough? Will it cover your needs when required? ( Read: Your Investments Reflect Your Life: Learn from Mistakes and Rebuild Smarter )
- Don’t Rely Entirely on Stocks for Financial Freedom: Investing in stocks is not enough. A structured financial plan, including savings, diversification, and discipline, is key.
- Have a Retirement Plan in Place: Your husband’s pension (if any) is not your retirement plan. Make sure you have your own strategy to secure a steady income post-retirement. (Read: 20 Hidden Risks to Your Retirement Plan)
- Protect Your Assets: Your assets should remain under your control. Your children, however loving they may be, should not dictate how you manage your finances.
Financial Independence is a Process, Not a One-Time Action
Women and financial planning is all about Discipline, process, and structure. Start with these steps:
- Track Your Finances: Maintain a personal financial record.
- Be Involved in Decision-Making: Attend financial discussions at home.
- Have Legal Clarity: Understand your rights in property, inheritance, and succession laws.
- Build Your Safety Net: Have an emergency fund, your investments, and a secure retirement plan.
Women and financial planning: No One Else Will Secure Your Future
Women’s Day is not just a celebration—it’s a reminder for you to reflect on how well you are taking care of yourself. Are you truly enjoying your life? Do you feel secure from within? Are you confident in managing your financial future, whether alone or together with someone? These are the real questions you need to ask yourself.
Product manufacturers and salespeople will try to pamper you with financial products today, making you feel special. But remember, this pampering is only for a day. For the rest of the year—and for the rest of your life—you are on your own. Your true security doesn’t come from marketing campaigns; it comes from within you.
If you don’t take charge of your financial life today, you might find yourself vulnerable tomorrow. It’s time to stop waiting for someone else to secure your future—because no one else will.
Start today. Take control. Be financially independent for real.
