However, these accountabilities increase manifold when they need to take the front seat to manage the financial affairs for their family, especially after the demise of the family member in charge of financial matters. A woman by default carries great responsibilities during her lifetime. The untimely demise of a loved one may often lead to a situation of chaos and confusion for a family. Hence, families need to take cognizance of the fact that it is just not important to leave wealth to their inheritors but also equip them with the right information and knowledge on how to gain access to their wealth through an effective estate plan as well as how to manage that wealth prudently once inherited. However, are women equipped and aware about the opportunities and challenges inheriting wealth can bring? While it is important that they understand the mechanism to create and manage wealth to meet their family financial goals and targets, it is equally important that they understand the nuances of estate planning to secure the future of their loved ones and themselves.ĪLSO READ: Outperformance of Indian markets will get stronger, says Richard Pattle of True Beaconīeing financially independent in the true sense just doesn’t mean to earn one’s living but also the ability to manage wealth in a manner that requires no dependency on anyone else. This means there is a greater likelihood of women inheriting at least a portion of the family wealth. Indian women are expected to outlive men by a minimum of a couple of years on average, according to Economic Survey 2021-22 tabled by Finance Minister Nirmala Sitharaman in Parliament last year. Let us understand some key reasons why women should take charge of their financial affairs. While we do see the situation changing, this is, however, at a nascent stage. However, when it comes to taking charge of financial affairs, they usually tend to take a back seat. Women are leaders everywhere, whether as a CEO of a Fortune 500 company or as a homemaker who raises her family and heads her household. Essentially, we may say that women tend to be a perfect balance between the yin and yang energy forces. ![]() They are known to wear several important hats as a mother, daughter, spouse, sister, caregiver, business leader, family health officer and disciplinarian, among several other roles, and have incredible multitasking skills. This evidence strengthens the case for closing the gender gaps in leadership positions in finance.Women play a crucial and integral part in the development of our society. This study also finds that a higher share of women on boards of banking-supervision agencies is associated with greater bank stability. The analysis suggests that, controlling for relevant bank- and country-specific factors, the presence of women as well as a higher share of women on bank boards appears associated with greater financial resilience. It finds that, shockingly, women accounted for less than 2 percent of financial institutions’ chief executive officers and less than 20 percent of executive board members. The paper also studies the large gaps between the representation of men and women in leadership positions in banks and in banking-supervision agencies worldwide. More inclusive financial systems in turn can magnify the effectiveness of fiscal and monetary policies by broadening financial markets and the tax base. For example, women merchants who opened a basic bank account tend to invest more in their businesses, while female-headed households often spend more on education after opening a savings account. ![]() New evidence suggests that greater access for women to and use of accounts for financial transactions, savings, and insurance can have both economic and societal benefits. It could also contribute to more effective monetary and fiscal policy. Narrowing the gender gap would foster greater stability in the banking system and enhance economic growth. A new study at the IMF finds that greater inclusion of women as users, providers, and regulators of financial services would have benefits beyond addressing gender inequality. ![]() Women are underrepresented at all levels of the global financial system, from depositors and borrowers to bank board members and regulators. Staff Discussion Notes are published to elicit comments and to further debate. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy.
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