Financial Planning Strategies For Women In Digital Marketing Era

India ranks 129th in the Global Gender Gap Index 2024, with significant challenges in women's economic participation. Despite improvements in political empowerment, financial independence for women remains weak, particularly in income equality. In the digital marketing age, financial planning is crucial for women, enabling them to leverage online opportunities, invest in personal growth, and secure their future. Smita Khanna Kithania, Chief Operating Officer- of Newton Consulting India shared financial tips that can help you plan your finances and ensure a secure future.

Smita Khanna Kithania emphasises that financial planning helps women harness these opportunities, ensuring long-term security and the ability to invest in personal and professional growth.

“With digital marketing expanding rapidly, women can leverage their skills to build businesses or freelance careers, but without proper financial planning, they risk missing out on these benefits,” she added.

Financial Planning Strategies For Women

Here are the financial planning tips for women:

Reduce The Digital Literacy Gap

Reducing the digital literacy gap in India, particularly among women, is crucial for their empowerment. Given the diverse socio-economic backgrounds of Indian women, a multi-faceted approach is needed. Firstly, access to affordable digital devices and internet connectivity should be prioritised, especially in rural and underserved areas and the government’s initiatives like Digital India and private-sector partnerships have helped to achieve this goal to a large extent.

Financial Literacy

Education and training programs tailored to different literacy levels are essential. NGOs, community centres, and online platforms can offer digital literacy courses in local languages, covering basic skills like using smartphones, internet navigation, and online safety. For women from conservative backgrounds, creating safe and culturally sensitive learning environments is important.

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Importance Of Financial Planning

The lack of financial planning can have devastating consequences for women in India, regardless of their social standing.

Smita Khanna explains the importance of financial planning with an example of a 28-year-old Nanny.

A 28-year-old nanny with two young children who recently lost her husband to excessive drinking. With no financial safety net, she is now solely responsible for providing for her family, facing significant challenges in securing her children's future without any savings or investments.

Another example she shared is of a well-known actress who, after 16 years of marriage, found herself divorced and penniless. Having given up her career at its peak to support her husband's life, she now struggles to rebuild her life from scratch.

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Both examples underscore the critical need for women to engage in financial planning. Without it, women risk being left vulnerable in times of crisis, with limited options to secure their own and their families' futures. Financial independence, bolstered by careful planning, is essential for empowering women to navigate life's uncertainties and build sustainable lives.

Financial planning is no longer a luxury but a necessity for women. By being financially savvy, women can safeguard their independence, make informed decisions, and ensure stability in a rapidly changing world.

Image Courtsey: Freepik