A STUDY ON FINANCIAL PLANNING AMONG WORKING WOMEN IN THE EDUCATION SECTOR

Abstract

Personal financial planning is essential for the financial well-being of both men and women. Personal financial planning is attributed to differences in skills, knowledge, attitude, approaches, as well as opportunities presented. Various studies have established beyond any measure of doubt that women's participation in financial planning is very low. In comparison to men, women have to take breaks from their work due to marriage, childbirth, childcare, and elderly care at home. This interruption in their career leads to less earning and less saving opportunities for women as compared to men. Sometimes, women have to permanently leave their jobs due to family responsibilities. The life expectancy of women is more as compared to men and they thus need mandatory financial planning for their financial well-being and retirement. Also, women earn less and get fewer opportunities to get financial awareness which is a very important aspect of financial planning. Many initiatives are taken by the government to improve financial awareness among women in our country but the level of financial awareness is still alarmingly low. There is a need to make women financially independent and at the same time making them financially literate. This study is an attempt to ascertain the preferences of women working in the education sector of Punjab and Himachal Pradesh states towards financial planning. The financial planning aspects are analysed based on the understanding of financial terms, financial planning, tax management, liability management, insurance, retirement planning, and estate planning. The results of the study indicate that women are not participating actively in personal financial planning and a majority of them have little to no knowledge about financial aspects. There is a need to encourage working women towards participation in financial planning for their secure future.