A DECENT PROPOSAL

IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?

- NAVNEET DUBEY

RENUKA HELD HER own wedding invitation and she could feel her heart brimming with excitement. But one question kept her worried-how would they as a newly-married couple-navigate their financial future together? Understanding the murky waters of joint finances was a new challenge that Renuka realised she had to manage.

Many couples, just like Renuka and Ankit, face this dilemma. Combining financial habits can be tricky, especially if one hasn't had the crucial conversation beforehand.

According to the latest National Family Health Survey, NFHS-5, an average of only 32% of married women up to age 49 is employed, a slight increase from 31% in the previous survey (NFHS-4). Family and household responsibilities continue to limit women's workforce participation post-marriage.

UPHILL BATTLE

Women often encounter financial challenges after marriage. One of the challenges is the expectation of them fitting into traditional gender-based roles, like care-giving, which can curb the financial freedom of women.

"In families where patriarchal values prevail, women are often seen as secondary earners or caretakers rather than equal partners in financial decisions. Furthermore, women may face pressures to prioritise family responsibilities over career ambitions, impacting their longterm financial planning," says Nehal Mota, Cofounder & CEO of wealth management platform Finnovate.