A few days back I read an article that in the US half of all mothers accepted that they have little to no retirement savings. And I felt this is not only about the US. In our country also, mothers generally don't plan their retirement and savings. When they are working, they continue spending their earning to support their husband in carrying out the family responsibility. It is also an assumed notion that women can't manage their cash well and they can't plan to save. Contrary, I feel mothers are better leaders and managers. They are traditionally raised to save, they are disciplined so that they teach their kids, and they are futuristic. Still, primarily finances have been taken care of by the men of the family. Right in their own house, mothers face this gender discrimination when it comes to money matters. The monetary world is filled with faked barriers that prevent them from taking charge of their money. Many times they are not provided the knowledge to set their financial goals right.
This discrimination can be changed by helping mothers with the right financial guidance. Like, what is the right time to start saving, how much they can save based on their total earning, and what different saving/investment options available. Even if a mother is taking part in budgeting and in planning the family's finances, she should know the best options and how she can save more to be ready for the future.
I may not be an expert in the field, but I know a wide range of investment options like PPF, NPS, IPO, Stocks, FD, RD, etc. One of the popular investment options that mothers can explore is mutual funds. I believe how mothers think, plan, and multitask their duties, there is a great similarity between mothers and mutual funds. Check this infographic (all credit to HSBC for the image).
For more details, you can visit the HSBC website. Also, readers are requested to fill in this form to help you understand better and have your queries answered by the brand.
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