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Women and Money

with 8 comments

Of late, there has been a flurry of movement within my circle of family and friends. Women going back to work. Women leaving careers to focus on family. Women getting domestic helpers to cope with their tasks at home, whether they’re focused full-time on the family or are juggling between a family and a career. Women getting their tubes tied.

Each time this happens, the ‘village’ will discuss, debate and put in their two cents worth on the move after weighing the pros and cons of the circumstances of the woman in question.

For the Muslims, we often fall back to the WWRD question (What would Rasulullah s.a.w. do?) and reams of paper would be used to provide comfort and guidance to the women via various opinions of the learned ulamas. What I’ve found missing in such regurgitations of information is context, which totally avoids the issue of the reality that the woman does not exist in isolation of partners and society in general.

Women today are called upon to be flexible. She should be able to raise a family, earn a living, get an education, teach her offsprings, balance her checkbook, maintain her looks for her spouse, be a great conversationist, be a mentor and a host of other things that she (or women collectively) has silently agreed to do by adapting time and time again to such roles. So it’s a huge slap on the face for womenkind when I read Suze Orman’s Women and Money as she described a woman’s relationship with money, and how despite the great leaps we’ve made, our shackles are still in our minds, especially with something as critical as personal finances.

How many of us know what we sign in a property transaction, a will, an insurance document or even when opening a bank account? I know of women who put so much inherent trust in their husbands that properties and loans are placed under their name without so much as a question on the terms and conditions on the said loans, and whether adequate protection is in place should something happen to the husband. Why is it that women are discouraged from asking how much a property is worth today, or how much the family as a whole earns and spends, which requires us to delve deep into the expenses of our spouse right from the point where the two parties decide to get married?

It is almost as if it’s a virtue to be in the dark about money. Ask a cousin, an aunt, a mother, a mother-in-law about the family investments and the reply you’ll get, about 75% (or more) of the time is: “Oh, my husband handles those things. I don’t care about it as long as we have enough. I’m not materialistic.”

Bleargh.

Too many times, women are left widows with no idea of what their husbands have been up to. The most unfortunate that I’ve seen found out that she was not the only ‘dependent’ upon the tragic death of her husband, which in the end, left her less than half of what little wealth that the husband had accumulated. At times, women are not so lucky and it’s not just wealth that’s left behind, but a mountain of debt. Even if we are still earning our own living (I hate this term, especially when one is married because it implies that a non-earning spouse is leeching off the earning spouse, but that’s another topic for another day), do we really want to spend the rest of our lives paying for mistakes that could have been avoided had we been a bit more concerned and open about money?

So with that, and the first chapter of the book tucked in my mind, I embrace and applaud my lovely feminist, money-minded sisters who take a chapter out of the book of the Japanese wife (I was told they’re quite adept at managing the family finances). You are being responsible to yourselves and your family – nevermind what traditionalists think or say of you.

p.s. This is a reminder to myself as I pore over the guidebook to Borang M. @$%@$^@%$&@

Written by Najah Nasseri

March 25th, 2010 at 10:50 am

8 Responses to 'Women and Money'

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  1. i agree with you. women need to be finance-wise and have to be at least be aware of the family finance (if not managing it).
    but i think our generation is getting better at this as more of us go out to work or are exposed in other ways, compared to our mother’s or garndmother’s generation.

    mynie

    25 Mar 10 at 12:31 pm

  2. mynie: While that might be true, except possibly in matriarchal cultures like the kelantanese, I know of heaps of working women who allow their names to be used in shell companies fronting their husband’s interests, no questions asked! Or those taking loans on behalf of their husbands with no ‘insurance’ against the loan if the relationship goes sour.

    We should make Ms Orman’s books compulsory reading for all girls in school…

    Najah

    25 Mar 10 at 12:43 pm

  3. Marriage is definitely a factor.

    Women who marry later after reaching a certain point of financial stability/independence and career advancement actually have the chance to manage their finances to own properties, take loans, procure insurances etc.

    For those who marry two or three years after they graduate? Unless their husbands allow them to be the household CFO or each spouse maintain their separate finances plus a joint account (studies or course have shown these cases to be of low percentage), they don’t stand a chance even to have a go at it.

    Schools should bring back sains rumahtangga plus money management on the side.

    pickyin

    25 Mar 10 at 1:31 pm

  4. Oh, Hani handles those things. I don’t care about it as long as we have enough. I’m not materialistic.

    For serious. She’s the banker’s daughter. I didn’t pay attention well enough as a kid, and I’m playing a rather pathetic game of catch-up.

    But she knows where my money’s going, ’cause she’s the one managing it.

    T-Boy

    25 Mar 10 at 2:23 pm

  5. Leen handles all that stuff in our family. No particular reason other than that she happens to be better at it.

    I see where you’re coming from about the perception some people have that stay-at-home spouses are ‘leeching’ off their working partners (kinda looking forward to a post about that actually). But that’s another story.

    Jordan

    25 Mar 10 at 5:47 pm

  6. Hope you and family doing well. How nice to just open your blog to read your thoughts…hehe!
    Told my wife the harta sepencarian gives her 50% of everything so she need not worry. Hmm…come to think of for a man its not a good idea to kawin banyak kali…we lose 50% of everything everytime we get married..hehe

    bahgia

    3 May 10 at 2:33 pm

  7. Bahgia: Long time no hear! Yeah, the maths of multiple marriages are there, but somehow elude quite a few number-challenged men.. hehe…

    Najah

    4 May 10 at 12:06 pm

  8. Satu lagi Najah, the 99 years lease hold terms for property yang ada sekarang which I think is bad for anyone who has daughters.

    And it magnifies the good in making Adat Perpatih untuk tanah as an example to protect female descendants; so that they have a choice in life.

    To compare families who buys free hold properties and lease hold properties three generations down the road.

    The families with free hold properties punya descendants yang adequately educated can have a choice to stay at home and have the possibility to earn rental.

    I am really really longing to get out of this plastic corporate world and handle kids.

    Tengah kumpul courage.

    marini

    6 May 10 at 1:55 pm

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