Are Women Participating In Financial Decision Making?
In Indian households, it has always been the male member of the family, who makes financial decisions on behalf of the entire family. This could be the husband, father or an elder brother. Women of the house whether home maker or working professional, rarely makes financial decisions or are even informed of finances in the family. They definitely do not take any investment decisions. Women today are becoming financially independent and are also involved in the financial decision making process. Couples today who are below the age of 35 years, make financial decisions together. This is noticed mainly in couples where both members are working professionals. Does this happen in family run businesses? No, in this case it is the husband who makes the financial decisions.
Why is it important for women to participate in financial decision making?
The wealth you are talking about is family wealth. If your husband is making financial decisions on behalf of the family, it is important for him to keep you informed. In an emergency you could easily trace an investment if you are aware of it and where the documents are stored. Make sure you know the name and contact details of your financial planner. There have been cases where the husband makes all the financial decisions himself and does not tell his wife anything. His wife is unaware of life insurance plans or mutual funds which she can claim, if she is aware about them.
