![]() Women tend to be more risk-averse, which is both a good and bad thing, says McGee. Women are less likely to take risks Photograph: IML Image Group Ltd/Alamy Photograph: IML Image Group Ltd / Alamy/Alamy 4. To find out more, check our chat on saving for retirement here. That changes your savings and investment objectives.Īs for your retirement, a good place to start would be a 401k plan offered by your employer. Your life changes: you get a new job, a bonus get married have a child. need to review what you're doing on a regular basis. After all, your priorities will change over time, says McGee. Keep in mind that smart management of your money requires you to be an active participant. "Then, think about what you are planning to spend money on in the next several years. Once you have your emergency fund and money for near term needs set aside, then you can consider money for long term investing." "It's important to have an emergency fund saved to start," says Finn. While starting saving for your retirement is important, there are a few things that should come first. "You need to be very open about finances, and be as confident talking out financial priorities and issues as you are discussing anything else. That goes for your home, tooįor all the quarrels over which is the best way to stack a dishwasher and whether the toilet seat is up or down, finances are the #1 cause of discord between couples," says McGee. Asking questions is a great way to learn. What matters is if you feel comfortable talking with her or him. Remember, no question about investing is too basic or too stupid. The gender of your financial advisor should not matter. Whether you are talking to your friends or to a financial advisor, you need to feel comfortable enough to ask questions, says Finn. The focus should be on building an environment where you feel comfortable asking those questions and where you don't feel intimidated. Think of these get togethers as investment-themed tupperware parties, says McGee. So find friends with whom you feel comfortable discussing finances," says Finn, who is focused on creating communities of women who talk with each other about investing. "It's good for women to talk with other women about finances. "SOFIA is an important project for us, given its potential to inform policies in financial inclusion in Indonesia and support the work of private sector institutions, such as banks, in developing new products to reach the unbanked,” said Abigail Carpio, senior consultant at Oxford Policy Management and team leader for the SOFIA project.Here is what we learned from their lively, hourlong chat with readers. The results of the SOFIA survey were announced in a recent event, which brought together representatives from relevant government agencies, various financial services providers and development partners, especially those supporting the promotion of financial inclusion in Indonesia. She adds, “I also save my husband’s salary at home, and not in a bank or a cooperative.” I save the money at home in cash,” said Theresia, a micro-entrepreneur from NTT. “From selling petrol and other merchandise at my kiosk, I can earn IDR 2.5 to 3 million in a month. This information on household income and spending can be important when designing financial products – whether these be savings, micro-credit, insurance, or payment services. While there is a case to develop financial products that cater to the particular needs of women, these findings also suggest that in order to understand how money is used or spent in households, women are critical actors to engage with. Women are the ones who typically keep track of household income and make decisions regarding spending. The survey revealed, for example, that more than 60% of women in the provinces surveyed make decisions about the management of household finances independently of their partners, and male spouses often attributed the function of budgeting and financial decision-making to their wives. Among many interesting findings from the survey, SOFIA data showed that women play a critical role as ‘hidden financial managers’ within households: even though assets, such as land and property, are still primarily owned by men, women perform important decision-making functions on the household’s finances. The Survey on Financial Inclusion and Access (SOFIA) is a comprehensive survey on financial usage and access. We have been tasked to design and implement a financial inclusion survey, which is aimed at improving understanding about people’s use of financial services in four provinces in eastern Indonesia – East Java, West Nusa Tenggara, South Sulawesi and East Nusa Tenggara.
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