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Know your financial fitness by answering 10 questions

  • Rudri Rawell
  • Mar 08 2022
  • 6 minutes
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The world will celebrate yet another International Women’s Day on March 8th, 2022. This day is about celebrating progress in gender equality and women’s empowerment. It also helps us reflect upon women’s accomplishments and a constant strive for being treated equally. This applies to all areas of life, but most importantly to women’s financial standing. One way that women can achieve equality and bridge the gender bias is by becoming financially independent since it is not just a task for men. 

When a woman achieves financial independence, it means she earns for herself and can manage her finances by herself. In the last few decades, we have seen a massive change in the financial ownership that women in India have started taking up. However, many still lack in the area of financial fitness. So, what is financial fitness and how can a woman find out if she’s financially fit?

Take this quick test to find out if you are a financially fit woman. 

We have put together Follow these MCQs to select the right option. All your answers put together will determine your financial fitness. Follow until the end to know the results.

1. Do you take your financial decisions or leave them to male members of your family?

  • a. I take all my financial decisions by myself
  • b. I take some of the financial decisions myself and let the male members of my family decide on major financial decisions
  • c. I let the male members of my family take all my financial decisions

2. Do you follow a monthly budget?

  • a. Yes, I follow a systematic monthly budget
  • b. I sometimes follow a monthly budget when there is a financial crunch
  • c. I mostly do not follow a monthly budget

3. What portion of your income do you save?

  • a. I keep aside the majority of my income as savings
  • b. I save some portion of my income
  • c. I hardly save

4. How much portion of your income do you invest?

  • a. I invest at least 50% of my income
  • b. I invest at least 30% of my income
  • c. I invest less than 20% of my income

5. Are your investments linked to your financial goals?

  • a. Most of my investments are linked to my financial goals
  • b. Some of my investments are linked to my financial goals
  • c. None of my investments is linked to my financial goals

6. Are you aware of your credit score?

  • a. Yes
  • b. Yes, but I have not checked it lately
  • c. No

7. Do you have health insurance?

  • a. Yes
  • b. I have a family or employer-provided health cover
  • c. No

8. Do you have a life insurance cover?

  • a. Yes
  • b. I have an employer-provided life insurance cover
  • c. No

9. Do you have an emergency cover?

  • a. Yes
  • b. My husband/family has an emergency fund
  • c. No

10. Do you plan your finances well ahead?

  • a. Yes
  • b. Sometimes
  • c. No

Know the results of your financial fitness 

  1. If more than 7 answers are Option ‘a’

You can consider yourself financially fit. 

  1. If more than 7 answers are Option ‘b’

You need to work towards your financial fitness

  1. If more than 7 answers are Option ‘c’

You must take charge of your finances now to achieve some level of financial fitness

Important tips for women to achieve complete financial fitness

It can be challenging for women to manage their finances independently. Especially for working women who are always short of time. However, it is imperative to take charge of personal wealth such that one can easily keep a track of it and ensure that it grows over time. Here are some important tips that women can imbibe in their lives to achieve complete financial fitness.

Prioritise investment

Investing a portion of one’s earnings can go a long way in long-term wealth creation. Many investment options even offer regular income, which can act as a boost to the salary or business income of a woman. It is best to start with small portions of investments in low-risk avenues to gradually diversify the portfolio and include varied investment forms. Some of the options that women can invest in are – mutual funds, PPF, stock markets, etc, depending on the existing knowledge of these.

Protect yourself through insurance

Both health and life insurance are extremely crucial for any individual in today’s times. These act as financial cushions or safety nets in case of health emergencies or the death of an earning individual. Women who have dependents should especially consider getting insurance covers at the earliest to ensure financial fitness for themselves and their families.

Plan ahead

Oftentimes, women tend to postpone their future financial planning as they prefer to prioritise the current financial needs of the family. Although current financial needs may be crucial, it is important to plan ahead for self and family. The best way to plan ahead is to know the current financial situation, chalk out future financial goals, and have a clear plan to reach those goals.

Did you know?

Many studies suggest that women have a longer lifespan than men by an average of 5-10 years. This means, women need to be equally or more financially fit for their retirement as compared to men!

Define your goals

Every woman has her aspirations. Whether it is to go on a solo international trip or to buy a vehicle or own a spacious home, each aspiration can become a goal and every goal can be assigned finances. To prioritize self-goals, it is important to begin defining them clearly and noting down how one plans to achieve them. 


Financial fitness is about financial well-being. Women may have different financial goals and aspirations than men. Therefore, instead of combining personal goals with family or partner goals, it is best for women to focus on their individual financial fitness. Smart money choices, timely investments, insurance covers, restricting debt, etc. are some of the areas that women must begin focusing on achieving financial fitness in the near future.

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