'Women should start retirement planning the day they start earning'

In this episode of Money Money Money, the focus is on women and their finances. How to plan specifically for certain life stages and equally important is how to navigate and negotiate your career.

Speaking to CNBC-TV18, Priti Rathi Gupta, Founder of LXME, said that women should start retirement planning the day they start earning.

Gupta said, “Women, by the time they retire, actually tend to retire with a lesser corpus, because of the money choices that they have made. Typically women put money or their savings into asset classes, which are not beating inflation. Therefore, the growth of that money is not enough to sort of take them through retirement. So definitely, I think women need to look at their retirement planning far more aggressively and early on as soon as they start earning their money.”

She added, “The first thing we advise women is create an emergency fund, get your insurance in place, and then start building your retirement fund. Emergency funds and retirement fund are two very, very important financial goals that every woman should have and unfortunately, this is somewhere that women are really lagging behind.”