Fathers and financial planning

AS a child, I often heard of the Hindu tradition that discouraged men from accepting monetary gifts or offerings from the women in their families, particularly from those who were married. For instance, a brother would typically accept a token from his sister only in cases of genuine hardship. Though rooted in antiquity, this tradition persists in some households, especially where the role of the man as provider remains culturally significant.

Recently, we observed World Day of the Boy Child under the theme – Building Self-Esteem in Boys: Stand Up, Be Heard, Be Seen. This offers a meaningful context to reflect on such traditions. One could interpret this longstanding custom as a cultural mechanism intended to reinforce the expectation that men take on the role of providers – not only for their immediate families, but also for their mothers, sisters, nieces, and, by extension, the broader community.

Financial planning is essential for men who embrace their roles as key decision-makers and protectors within the family. Life insurance, in particular, enables fathers to fulfil their responsibilities even after they are gone. It serves as a powerful tool for legacy planning – especially in underserved communities – by providing families with the financial stability to break the cycle of poverty and achieve independence for generations to come.

Life insurance is often regarded as one of the simplest and most effective ways to create an estate – accomplished with just the stroke of a pen. Beyond its simplicity, it offers a critical advantage: the ability to designate beneficiaries directly. This ensures that proceeds are passed on efficiently, bypassing legal complexities, probate fees, and potential family disputes.

Recent events have highlighted the challenges that can arise when a deceased individual’s estate is left to be divided among multiple relatives without clear direction. Life insurance helps to avoid such complications by providing clarity, certainty, and peace of mind for both the policyholder and their loved ones.

While many men take pride in their role as providers, being a provider does not always equate to being a planner. Providing for a family addresses immediate needs, but true financial leadership involves planning for the future – ensuring that loved ones are protected and financially secure in the years to come.

This is why it is essential for fathers and male guardians to engage in meaningful conversations with qualified financial advisers and insurance professionals. These experts are equipped to offer guidance on strategies that go beyond day-to-day provision, including building generational wealth, protecting income through insurance, and preparing for retirement.

By taking proactive steps today, men can strengthen their role not just as providers, but as visionary leaders who create a legacy of security, opportunity, and financial independence for the next generation