In 2012, a survey conducted by HDFC Standard Life Insurance Co. Ltd and research firm ValueNotes, showed that financial freedom was low among the surveyed Indian urban women and that only a quarter sought professional financial help. Things don’t seem to have improved much since. An S&P Ratings Services Global Financial Literacy Survey in December 2015 showed that in India, 80% of the women surveyed were not financially literate. The survey stated that while women were less likely to provide correct answers to the financial literacy questions, they were also more likely to indicate that they “don’t know” the answer.
If you, too, don’t know the right answers to financial planning questions, you don’t have to worry. Qualified financial advisers are there to address such questions and hand-hold you through the process of planning, and finding products and long-term solutions. What is important, however, is that you recognize the need for financial planning. Having a disciplined approach to money management helps you deal with eventualities.
