Empowering Older Women in India: The Importance of Financial Planning

n India's dynamically evolving societal landscape, the financial independence of actively aging women is becoming increasingly important. Insights from the "India Ageing Report 2023" underscore the financial vulnerabilities that women face, particularly in their later years. This emphasizes the critical need for women in India to engage in financial planning, highlighting the necessity for autonomy and security throughout their lives.

India Ageing Report 2023  provides a comprehensive look into the financial independence status of Indian women. 54% of women over 60 are widowed, in stark contrast to 16% of men. This disparity widens for women over 80, with 87% experiencing widowhood compared to 37% of men. In a culture where financial security often depends on spouses, widowhood poses a significant challenge to women's financial stability, impacting their quality of life.

The participation of women aged 60+ in the workforce is just about 22%, far less than the nearly 51% for men. This gap is further accentuated by the fact that 47% of these women have never worked, pointing to deep-rooted cultural norms. The report further emphasizes the importance of social inclusion in fostering a sustainable ecosystem for social security. This includes ensuring the financial independence of the elderly, a critical aspect of empowerment. Older adults, especially widows and dependent older women, face significant economic insecurity due to the loss of income and wealth in old age. 

With women generally having a longer life expectancy, planning for an extended retirement period becomes essential. This includes adequate savings and wise investments to ensure sufficient retirement funds. Additionally, women's specific healthcare needs, particularly as they age, make planning for healthcare expenses, including insurance, an indispensable part of financial planning. Financial independence is also vital for enabling women to make autonomous life choices, particularly in unforeseen circumstances such as the loss of a spouse. Providing access to resources and educational opportunities can empower women to take control of their financial futures. For instance, organizations like GetSetUp offer classes specifically designed for older adults, including women, seeking to enhance their financial knowledge. These classes range from basic financial literacy to advanced investment strategies, equipping women with the tools and information they need to make informed decisions about their finances and secure their financial independence.

Recently Mridula age 68, a community member of GetSetUp who has attended many finance workshops on the platform, said this “So, I had never tried anything on my own, by myself. I had many inhibitions regarding this—what would happen if I typed the wrong number? Or if I entered something unnecessary that could create a problem? Despite these concerns, I activated my savings accounts online. However, after attending various sessions on GetSetUp, my interest grew, and I felt more confident. That's how I started with online transactions. I could do so many things because of GetSetUp and the sessions on the platform has made financial learning so simple for me.“ GetSetUp's classes are interactive, enabling participants to engage with instructors and peers actively. This approach enhances the learning experience, creating a supportive and enjoyable community atmosphere. GetSetUp also gives income opportunities to those seeking a job after retirement. These classes do more than impart knowledge; they also foster confidence and create a sense of community. Women can interact in a safe space with peers sharing similar goals and challenges, empowering them in the process.

As an online platform, GetSetUp offers the flexibility of learning and teaching from home. The peer-to-peer class structure provides a judgment-free environment for learning and asking questions. Anjoo, age 57, a retired banker who has been teaching on GetSetUp for over 3 years, shared, “Educate yourself by learning new things regularly. Be looked upon as a person of integrity and someone to rely on. Believe in yourself, have confidence in what you do. Don’t be afraid to start learning something new “.

The need for women in India to engage in financial planning goes beyond mere financial strategy; it is a path to empowerment, independence, and security. As society progresses, the financial inclusion and empowerment of women must be prioritized, significantly contributing to broader goals of gender equality and economic stability. Every financially literate and independent woman not only secures her future but also plays a key role in fostering a more equitable and financially inclusive society.

This article is written by Deval Delivala, co-founder of GetSetUp