If we look at the women sector in the corporate separately we can notice that millennium has been the elevator to success for women and the term working women has been redefined. Women have achieved a significant status and space in the corporate world. Countries like UK have reserved 25% female board representation by 2015 and have noticed a significant progress. UK finance companies have a significant proportion of the top 100 FTSE companies. Women have been known to represent the roles of receptionists, secretaries, and administrators better than men, but now women are expanding their wings to more powerful sectors of the corporations even to head an entire organization.
As a woman, we have to realise that our potential is only limited to our fear of reaching out for more. We might not know but we are equally important in an organization and a crucial part of the organization for it to run properly.
Women are crucial to the continued growth of the financial service sector
According to the Swiss investment bank Credit Suisse, women makeup at least 15% of senior managers and have more than 50% higher profitability compared to the ones which have less than 10% of female representatives. Also, the women in US are set to inherit $22 trillion in asset investments by 2020. Having a female accountant and advisor has also proved to make a deal between companies compared to male advisors. Because of which, many initiatives have been taken to increase female representations in the organisations. The UK aims to achieve a 30% female representation in their government and private organisations by 2020.
Demand and Negotiate Your Salary with Confidence
According to the reports of the BBC, the average woman salary working in the finance sector is 35.6% less than an average man’s income working in the same position. There is a need of young women to demand the equal salary for equal work and also be confident enough to further negotiate their salaries if their expertise is brilliant in the field. Men have been found to ask for a raise more confidently than women where women hesitate in the fear of losing the opportunity. Whether or not women are asking for pay raise also affects their future CTC. Do not hesitate to oppose their rejection of equal pay, it is the only way to approach the organisations- by saying no to their insignificant offers.
Do not underestimate the power of building a network
While you are in financial field, you need to make as many connections as you can at the early days of your career. Capitalising on your professional relations is the key to conquer any industry. Connect with people in the industry with the help of online platforms and well as your friends and family. Find yourself a mentor who can advise you in taking impactful steps in your career. Remember that you are not going in as a female employee, you are going in as an employed person who is equal to companies standards. You need to find your place and take your progress from there to being top leaders.
Men and Women both need to have a stable record of annual income for any type of loan or credit card. Both need to maintain a good credit score and a job to get their applications approved. Basically getting a loan is not a problem a person with a professional job. However women can have more loan requirements in case of being a housewife or unpaid leaves during pregnancy. So how can they get personal loan for themselves and what are the best options for them?
AB VanithaVahan Scheme
This loan is offered by Andhra Bank for self-employed women, but it is also available for working women. This loan is limited to purchasing a vehicle, and cannot be used for big requirements as the amount of loan is comparatively very less. Women can use it to purchase either a two-wheeler or a four-wheeler.
Oriental Bank Of Commerce
The bank offers credit for women for their business ideas. If the bank like the ideas of women they encourage them by offering the required amount with easy repayments. The women can apply for this loan if they want to open a beauty parlour, consultancy, party planning and any other creative business.
Star Mahila Gold Loan Scheme
This loan is offered by Bank of India for purchasing jewellery or gold coins. The loan is available for both working women and homemakers. The loan can be taken according to the monthly net income of spouse for non-working and 50% of the gross annual income is offered.
This loan is offered by IDFC Bank to meet the financial needs of non-working women. The loan can be used for various purposes from buying a vehicle to opening a small business. But the loan amount is limited and cannot fulfil any huge requirements. Applying for this loan is easy and the documentation can be as simple as driving license or your voter ID.
This loan is offered by Canara Bank and is available for both working and non-working women. They can apply for the loan to purchase anything within the limits of the loan amount. Women can use the loan to purchase electronics, jewelries, vehicles and other home interiors.
Swashakti loan was made available for women by Vijaya Bank with the objective of making women self-dependant. Women can take huge loan amounts from the bank to fulfil any needs of their homes. Their needs can include setting small businesses such as retail store, tailor shops, cosmetics, beauty parlour, medical shop, etc.
Shri MahilaSewaSahakari Bank Ltd.
The bank offers various loans for different requirements of women. It can differ in the amount and purpose. Such as buying assets, buying home interiors, home renovation, and many other reasons.
The gender gap has come a long way and still makes considerable impacts in the 21st century. Created and enforced by mankind, the gender gap affects women in ways one cannot imagine. The aspect of financial planning has been ruined due to the gender gap as it still rules policies and procedures of all firms and organizations. So what exactly is the problem here, and how do we solve it? Well, to understand that, we must first analyze all about the gender gap and how it shapes financial planning for women.
Gender gap or gender wage gap can be described as the difference in pay between working men and women. This difference mainly occurred due to the kind and type of work contributed by both sexes. But that was a long time ago, and it is sad to see that the pay gap exists at a time when women contribute as much as men in a firm or organization.
The Effects on Financial Planning
In an economy which drains you financially, it is hard to manage with a low pay scale. Rising prices for day to day activities affect the financial capacity of an individual to save for the future. Hence for women, it might seem like a hard task to cope with the pay gap in a financial manner. The lower the pay scale, the lower the amount of investments, retirement plans and a lot of other economic activities. A financial plan can be drafted, only if the amount of finance promises an individual stability, control and growth. So it is high time that firms and organizations from all over the world, take the issue of pay gap seriously.
The Methods to Restore Financial Planning
As a woman, you might need to take care of your family and provide for them with a low pay scale. So, it is essential that you manage such activities in the right manner by following specific advice and proposals from qualified financial planners. As finance is a vast concept and managing it a difficult one, seek help from experts to professionally set your funds in the right manner. In this regard, you must also be aware of the kind of financial advisor you require keeping in mind the long term benefits and advantages. A financial plan with a lot of plot holes and misconceptions can lead us into the dark ages of bankruptcy. Hence do the needful in the manner that you know best.
Time has always proved to be a changing factor when it comes to matters like pay gap and discrimination. If we can make it from the stone ages, then we can make it through the ages giving different amounts of paychecks. In the end, keeping an eye on finances is essential for a sustainable and better standard of living.
In this article, we have provided information that clearly states that it is financial advice that is geared towards women. They can take all of the information into consideration and cogitate it and then internalize it in order to be successful in their respective fields. The finance advice which is geared toward women can be implemented by all kinds of people, but some of it can be useful only to women. Whether you are trying to build a business from the ground up or if you are attempting to pile up the family fortunes on top of managing your own finances, with beefing up some money for retirement, etc. All of it must certainly be a hassle. Therefore, we believe that this list will undoubtedly be useful to you.
– First of all, you should manage your own money. A financial planner will only end up costing you more money than you should actually be spending. Some women often hire planners and unknowingly hand over the reins of their financial control to a stranger. In other scenarios, they let their father or even later in life, their spouse, handle their finances. But, what happens if they get a divorce? Or left alone in another country? Therefore it is imperative that you know what you are dealing with in any aspect in life, and that is even more important when it comes to finances.
– Secondly, you need to push a lot of your focus on earning money, more than spending it. It is essential that you have more plans of making money and investing it, instead of having plans of spending all of your money. Payday should be something that you are looking forward to, not because you want to buy something pricey for yourself, but because you are interested in saving it up in your bank account, because you are concerned for your future.
– Retirement should be on your mind even if you are still in your thirties. You should be certain that a certain percentage of your paycheck goes to the retirement fund.