Given elevated access to details and sources for earning and investment, sector authorities say millennial females are striving for greater monetary management as compared to their senior generations.
According to information from CRIF High Mark, credit consumption by females is escalating. Women in the age group of 26-35 years have taken the most quantity of loans i.e., a share of 40 per cent in general disbursements in 2020. Navin Chandani, MD and CEO, CRIF High Mark says, “The research reports are a healthy sign that shows millennial women are savvy with their money and confidently moving on the path to financial independence.”
Having mentioned so, even even though revenue and millennial females mix properly with each other, authorities say there are a handful of shortcomings, which could lead to a monetary crisis in the future. Sucheta Shah, Executive Director, Atlas Integrated Finance, says, “Money and millennial women do go hand in hand. Most women are professionals and have acquired different skills. They are therefore earning well and contributing to the family income. But they seem to be less disciplined. The trend is more towards spending and not saving, which could lead to financial dependency in future.”
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Why must females take charge of their revenue life?
There had been days when females used to remain away from revenue matters. Modern females are breaking such barriers, and monetary dependence is one of them. With enhanced participation of females in the workforce, soaring careers and inheritance, females now possess a expanding quantity of wealth. But authorities say monetary independence is not about how a great deal revenue an person owns. It is all about creating smart choices with revenue, like excellent investment organizing.
Vinit Kapahi, Head Of Marketing Aviva India, says, “Often, their key financial challenges are repaying student loans, inability to save much, and struggles with buying a home. Resolving these issues requires clever financial management and the use of different money-saving solutions and plans. Brands are now increasing ways of awareness on the importance of financial independence.”
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Industry authorities say females must take charge of their revenue life and be financially independent to be in a position to make their personal options in life, to cope up with unwarned emergencies, to meet the increasing price of living, and so forth. Chandani says, “Financial stability and wellness is something every individual must work towards, irrespective of their gender. It empowers individuals to be in complete control of their life and meet their unique lifestyle needs and future goals without compromises. Further, any kind of dependency has an inherent risk, not just on relationships but on an individual’s future economic security as well.”
Additionally, a lady standing on her personal feet and capable of creating monetary choices is also a supply of inspiration for other females about, therefore enabling a wider positive adjust. Kapahi adds, “Being financial independent is a self-sufficient goal that everyone should attain, regardless of gender or lifestyle. Also, a better financial decision is an essential ingredient of success in every zone of life. It makes one more confident and future-ready to face any situation of uncertainty.”