Steps In The Right Direction For Working Parents

The rising economic curve in India has led to many significant changes in the work-life balance for the salaried class. A family no longer is completely dependent on one principal money earner and the fact that more often than not, just one source of income is insufficient, has contributed to this change. No longer can a person be expected to carry out the entire financial inclusion of the family without her/his spouse pitching in. The life’s realities in India have undergone a sea change and this has impacted family structure in a significant way. The equal, if not greater predominance in the workforce, focus on career-development etc. is among several factors that have ensured that professional/personal equation stays gender-neutral.

This means that by the time a family expands i.e. welcomes the firstborn child, both the parents are working in the respective domains. The support to maternity schemes and benefits given to lactating mothers has positively led to the successful presence of expecting/post-partum women in the offices. Same can be said about the male counterparts who also enjoy paternity schemes. Therefore, it would be safe to say that working parents is a step in the right direction. Nothing to the contrary can be stated, given the fact that two-income families generally enjoy a far better economic footing than the one-income families in the same socio-economic segment. This extends to the children, as the worries about monetary planning for education and other needs are almost non-existent.

There is also the factor of family harmony. When both the parents are working, they understand each other’s professional hassles and issues better. This leads to a harmonious atmosphere at home – again beneficial for the kids. The overall family life in such homes stresses on independence – something that the children inculcate from a very young age. This imparts time-management and resource management skills to them in due course of time. When both the parents are working, the economic flexibility is great. This implies that sufficient funds can be put aside for future planning and investments. 

Compare this situation with one in which there is a one-income family. The income is generally spent on providing for the essential/non-essential needs of the family, leaving little or no funds to be invested. Thus, the investment and subsequent wealth-creation prospects of a two-income family are much too great than those families where only parent is earning.

The benefits of having working parents are also centered on the children’s future, for whose sake, careful financial planning and security of is paramount importance. However, merely saving money for specific milestones in the life your child is not enough. Detailed and thorough market research for selective investment with proper financial security is equally important. Similarly, investing in insurance plans for the better coverage towards your child’s dreams is essential. 

HDFC Life presents HDFC Life YoungStar Udaan – Child Plan – a comprehensively beneficial child plan for your child that is aimed at letting your child’s dreams be fulfilled without any financial woes.

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