I have been asked a few times ‘Why do you not write a book on Money – especially for women’ ?

This is difficult to answer. There seems to be a stereo type image of a woman needing ‘help’ to manage their money. It may also be a hint that women do not understand finance / money.

The women whom I deal with are all financially sane. One lady I know was unhappy that I had been communicating to about money, wanted to talk about money WHEN HER HUSBAND WAS NOT AROUND! She felt far more responsible towards money than her husband could ever have felt!

Yes women also have to learn the advantages of compounding, doing early start. Yes they also need to learn about goal setting, about mutual funds, unit linked plans, etc.     etc…..BUT SO DO MEN. Well most of them anyway.

So a book on personal finance for women, I do not think is necessary at this point in time….but I may still write one  …just keeping my options open though….\

any suggestion for what kind of book you want to read  – is welcome..but a ‘What women should know about finance’ well unlike you will see my name as an author

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  1. I am a woman and deeply interested in personal finance and take lot of decisions to ensure a secure financial Present and Future for me and my family. I do not understand why a separate book on finance for woman is needed? In what way are their needs different from men when it comes to making right investments. Asset allocation, risk tolerance or capacity are not gender specific but person specific. Let us move away from stereotypes that women are not interested in finance or loves splurging money etc etc…

  2. Yes this is a stereotype image of a woman. I know more about mutual funds and equities than my husband does. Yes, I agree that “some” women may not be aware of Mutual Funds, Equities, etc. but hey so is the case with some men – can one generalise? In fact I think that women are better money managers than men are – my 2 mothers – my mom and mom-in-law (who has not even completed her SSC) have been able to run the house so well on whatever moneys their husbands earned and brought AND put aside for a rainy day – they knew budgeting even then. This is over and above what investments their husbands have done. So why the need for a separate book for women?

  3. In India, the financial literacy levels are really low-and it is not gender specific. But yes, women do have different emotional connect with money. Many women doing very well in thier selected fields of work..be it teaching, science , marketing or even banking, react to handling money matters very differently. Many have this fear of dealing with their own finances. So more than investment, there needs to be books adressing the psychology of personal finance!

  4. I disagree with Meena and Uma.There are some situations where women are more vulnerable. May be very few are comfortable to handle that kind of situations but most of the women who are working or inherited wealth needs help and awareness. Here I am talking about financial issues that arise during the separation or inheritance and few more such scenarios. I am sure a woman author can write really good one on this.:)

  5. No Kiran women are not more vulnerable. In case of divorce I have found that the person who ASKS for divorce is well prepared – financially and emotionally. The other partner is sometimes innocent, or dumb or plainly in denial – and gets Sc…ed. Always the case.

    Sometimes men are better prepared, sometimes women are better prepared, not gender specific.

    I have seen better prepared women outnumber men – but the number of cases is so small it is not some kind of a trend 🙂

  6. Life situations like Inheritance, Divorce/separation, death (of the earning member of the family) are experienced by both men and women. Yes, a book on how to deal with the financial aspect of these highly emotional experiences will help as many people are not aware of the procedural nitty-gritties and the financial problems that arise during these times..

  7. Why do you say that women cannot manage money or have a different emotional connect with money?
    I think both women and men are equally capable/incapable of handling money. Of course, there are women who splurge on clothes and what-nots, but there are men who splurge just as much on gadgets and cars.
    Of the men I have seen, saving, investing and planning for a retirement is something that most of them don’t give two hoots about! In my own family, I have to take these long term decisions because my husband doesn’t care about it at all. In fact, of the investments I have made, my husband wanted me to liquidate my shares to fund his car! My explanations that it isn’t wise to invest in an unwanted luxury (we already have a car) falls on deaf ears!
    I believe, saving and investing is something that is developed from childhood. My parents insisted that we have a savings account from childhood days, that we invest in RDs and once that matures, move that into FDs. This is unheard of in my husband’s family. When we got married, he wasn’t even aware of what a PPF account is! Talk about bad parenting. His total investment was one ING Vysya policy which he had taken because his friend had!
    Another book on investments and money management is always welcome but there isn’t any need to make them gender-specific. Both men and women are equally knowledgable and equally dumb when it comes to money 🙂

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