"No struggle can ever succeed without women's participation side by side with men. There are two powers in the world. One is the sword; one is the pen. There is a third power, stronger than both, that of women" – Malala Yousafzai According to World Bank data, though women in India represent 48% of the population, they contribute only around 17% of the GDP compared to 40% in China. For the year 2021, World Bank's data states that female labor force participation rate in the United States was 46%, while in India it was 21%. To make India a global superpower, it is thus necessary to have a more inclusive workforce comprising capable women, driving overall economic growth. TRENDING STORIES See All Premium No Game of Thrones…: Netizens react to HBO content leav . . . Premium Syrian FA bans former captain Ahmed Al-Saleh for life, . . . Premium Tax saving guide for women salaried employees in 2023 Premium Now reach Delhi to Dehradun in 2 hours; new expressway . . . However, in recent years, India has made efforts to increase women's participation in the labor force and create a more gender-equal economy. These efforts include improving access to education and skills training, implementing policies and programs to support working women, addressing cultural and societal norms that discourage women from working outside the home, and encouraging private sector participation. By creating a more inclusive and equitable economy, India can unlock the full potential of its workforce and accelerate its economic growth. Changing Winds With the projected economic growth in India, it's more important than ever for women to invest wisely and plan for their financial goals. Understanding financial planning can help women take control of their financial future and make informed decisions about their money. By learning about budgeting, investing, and managing debt, women can build financial security and achieve their long-term financial goals. Women who are financially literate also serve as positive role models for their families and communities. By sharing their knowledge and expertise, women can empower others to take control of their finances and build financial security. One of the ways for women to achieve their goals is by investing in mutual funds. Whether saving for a down payment on a house or planning for your retirement, mutual funds can help you grow your wealth and achieve your dreams. Saving for the long term can be a daunting task for many people, but as a woman, you have a unique advantage: patience. This virtue proves to be a huge blessing in the world of investing, and with mutual funds, you can harness this trait to build a robust financial future. When you invest in mutual funds, you benefit from the expertise of seasoned professionals who are trained to make informed investment decisions. By investing in mutual funds, you can build a robust financial foundation that can help you achieve your dreams and aspirations. One Investment, Multiple Benefits When it comes to investing, mutual funds offer several benefits that make them an excellent option for women looking to save for the long term. One of the key advantages is simplicity. In addition, mutual funds offer the diversification, which helps to spread risk across a range of different investment securities. Another critical advantage of mutual funds is the ticket size. Women may have different financial priorities or limitations, and mutual funds offer a range of investment options with varying minimum investment amounts to accommodate different budgets. Moreover, mutual funds provide flexibility by offering various types of funds that cater to different investment goals and time horizons. MORE FROM THIS SECTION See All Premium Premium Tax saving guide for women salaried employees in 2023 Premium Premium Celebrating my domestic help and her financial acu(wo)men! Premium Premium Why do women need to embrace equities Premium Premium Colours represent vibrancy in Holi but in tax laws, wha . . . Accessibility is another essential factor to consider when choosing a long-term investment option. Mutual funds can be easily purchased through a mutual fund distributor or even online. This accessibility means that women can easily invest in mutual funds with little or no hassle. Investing in mutual funds from home via online platforms is particularly valuable for busy moms or working women to fit seamlessly into their lifestyle. This ease of access also means women can quickly and easily review and adjust their investments as per their goals and requirement. Lastly, the variety of mutual funds available in the market ensures that investors can select one that matches their investment philosophy and goals. Asset Allocation Products like Balanced advantage funds (BAFs) may be a good investment option for women who want to grow their wealth while minimizing risk. BAFs are mutual funds that invest in a mix of equity and debt securities intending to balance risk and returns. BAFs maybe an option for women because they provide diversification across asset classes. To Make the Best use of Your Hard-Earned Money Here are some tips for women before beginning to invest in mutual funds: Set clear investment goals: Before investing in mutual funds, defining your financial goals and investment objectives is essential. This will help you choose suitable mutual fund schemes that align with your investment goals and risk appetite. Do your own research: Conduct thorough research on the mutual fund schemes you are interested in investing in. Look at the fund's philosophy, riskometer, historical performance, investment portfolio, and expense ratios before investing. Diversify your portfolio: Diversification is vital to minimizing risk in any investment portfolio. Consider investing in a mix of mutual funds across different asset classes, such as equity, debt, and hybrid funds, to spread your risk. Invest regularly: Investing in mutual funds through a systematic investment plan (SIP) is an excellent way to invest regularly and build wealth over time. SIPs allow you to invest small amounts at regular intervals, making it easier to stay committed to your investment goals. SIPs are particularly helpful for working women as it helps to plan their finances effectively. Monitor your investments: Keep track of your mutual fund investments to monitor their performance on a regular basis. Adjust your portfolio as and when needed to ensure that it continues to align with your investment goals. Take Advantage of Compounding: Albert Einstein once said, "Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it. " When investing in mutual funds, compounding can be a potent tool for women who want to grow their wealth over the long term. As the mutual fund scheme returns are reinvested, the initial investment grows and generates returns over the long run. To Sum Up In conclusion, mutual funds offer a host of benefits that make them an ideal investment option for women. With their ease of accessibility, long-term growth potential, and range of investment options, mutual funds can help women take control of their financial future and achieve their goals. As we celebrate International Women's Day, it's essential to recognize the value of financial independence and the role that mutual funds can play in helping women achieve it. So why not take the first step towards a brighter financial future today and start exploring the world of mutual funds? Author: Ms. Jigna Shyamyani, Head - Corporate Finance & Accounts, LIC Mutual Fund Asset Management Ltd Disclaimer : This disclaimer informs readers that the views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Topics Mutual fund mutual fund industry Mutual fund schemes OPEN IN APP.