#Inspire Inclusion and Financial Freedom - Women’s Day 2024

This year is all about including women – in the workspace, politics, community, defence, and at home. It also means that we cannot ignore them in finance. Let us be honest, over the years women have proved to be experts who save emergency funds even at home. They indeed prove to be masters of savings be it with their gold accessories or with emergency cash funds they offer during uncertainties.

Thus, now is the time to recognise their power to save and help them make the most of money while also enjoying some hard-earned and well-deserved luxuries and returns on savings. This post in particular is here to #InspireInclusion for women in finance.

If you are someone keen on financial literacy or seeking to financially enable the women in your lives, here are some strategies for the same -

Know Your Credit Score

Several credible websites offer free access to your credit score issued by Al Etihad Credit Bureau (AECB). It will help in understanding the financial options available to you. Even if you have a bad credit score, you can work on becoming financially disciplined.

Record Your Debts

Since you have been working hard on becoming financially literate and independent, it is important to make sure you are clear on your debt. It is fine to have some debts, but tracking them in a personal record can make it easier to settle them and celebrate small victories.

Rather than accruing more late fees, see if you can work out an acceptable payment plan with the debt collectors and stop ignoring them.

Open a Savings Account

Over time, banks have opened a lot of women-centric bank accounts.  You can open one of them effortlessly in just a few clicks. You have the option to programme automatic withdrawals to an interest-bearing savings account from your direct-deposit debit card.

Try Going into High-risk Ventures

When people stick to safe bets like savings accounts and fixed deposits, they're missing out on the potential for wealth growth. Women often lean towards these low-risk options due to a cautious approach to finance. 

But here's the twist: studies show that women can outperform men in the stock market, thanks to their pragmatic nature and solid financial knowledge. 

In the UAE, policymakers are backing women's financial education to tap into this overlooked market segment. It's a smart move with promising long-term benefits.

Learn How to Plan Your Future

Think about your alternatives for keeping your financial security and paying for your retirement. Speak with a financial counsellor about how to begin saving for retirement right now and about your present circumstances. You can create a sound retirement plan by making contributions to a 401(k) plan, purchasing an annuity, and rebalancing your investment portfolio.

Generally speaking, women ought to make an effort to begin learning about personal finance while still enrolled in school. One can increase their wealth and beat inflation by investing. Investment accounts can be formed for retirement plans, mutual funds, equities, bonds, and other assets.

Making financial decisions is essential to achieving financial independence. A woman's future financial security is largely determined by her financial decisions, thus all choices should be supported by logic, analysis, and research.

“Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world.” - Linda Davis Taylor, CEO and Chairman of Clifford Swan Investment Counselors

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Written by: Tanvi Pathak