International Women's Day 2024: How can women ensure long-term wealth generation (2024)

Addressing this disparity requires a paradigm shift wherein women are encouraged to prioritise self-care and financial planning. Empowering women to prioritise their health involves destigmatizing self-care practices, encouraging regular health check-ups and managing finances effectively.

This article delves into the seamless integration of how women, by acknowledging and addressing these challenges, can pave the way for a future where they confidently prioritise their health and finances, thereby ensuring their long-term wealth and well-being.

Healthy body, healthy finances leads to wealthy future

Taking charge of your health is not just an individual responsibility; it's an investment in your overall well-being and financial security. Studies by WHO and FICCI highlight the prevalence of lifestyle diseases and the financial benefits of early detection in India, specifically for women's health. For instance, early breast cancer detection can save up to ₹5 lakh.

Additionally, embracing healthy eating habits can significantly reduce healthcare costs, as shown by a 2022 study by the Public Health Foundation of India. This focus on preventive healthcare not only empowers women to live healthier lives but also contributes to financial stability by avoiding potential financial burdens associated with unexpected health issues.

Financial empowerment for mental well-being and long-term stability

Financial well-being is intertwined with mental well-being. Mental health is another crucial aspect of overall well-being that often gets overlooked, especially among women juggling work, family, and societal pressures. Poor mental health can negatively impact decision-making abilities, potentially leading to financial difficulties.

Financial literacy and sound financial planning empower women to manage their finances effectively, reducing stress and anxiety associated with financial insecurity. Investing in financial education and planning allows women to make informed financial decisions, fostering a sense of control and contributing to their mental and financial well-being.

Building long-term stability through financial planning

Financial empowerment is not just about earning money; it's about managing it wisely and achieving financial independence. Unfortunately, women are often marginalised in financial decision-making, leading to a lack of financial literacy and hindering their ability to achieve long-term financial stability. By taking control of their finances, women can secure their futures and prepare for unforeseen circ*mstances, including potential health concerns. Investing in financial education and planning equips women with the knowledge and skills to build wealth, achieve their financial goals, and protect themselves and their families.

Moreover, investing in life insurance plays a pivotal role in long-term planning. Adequate coverage provides a safety net, ensuring that unexpected medical expenses or unfortunate events do not jeopardise financial stability. It offers reassurance, knowing that loved ones are protected and financial security remains intact despite unforeseen circ*mstances.

Early detection, early intervention

Regular health check-ups and proactive healthcare measures are crucial for early detection of diseases and early intervention, significantly reducing treatment costs and improving health outcomes. In India, where healthcare expenses are often out-of-pocket, early diagnosis can prevent financial catastrophe for women and their families.

Moreover, it is imperative for individuals, especially women, to prioritise health insurance. Health insurance coverage offers a safety net against unexpected medical expenses, ensuring that individuals can access necessary treatments without enduring financial strain. By investing in health insurance, women can safeguard their financial stability and ensure access to quality healthcare when needed most.

In conclusion, fostering resilience through strategic financial planning is paramount for women's enduring vitality and prosperity. By embracing a dual commitment to healthy living and financial foresight, women empower themselves to confront life's uncertainties with unwavering confidence and stability. Beyond financial acumen and health consciousness lies a potent yet often overlooked resource: time.

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Published: 07 Mar 2024, 09:12 AM IST