Over at Savadati, Shweta Krishnan has a short story, ‘All that Glitters’, which among other things, is on the humungous amount of money and jewellery that parents are expected to spend on daughters’ weddings. While it is true that parents spend an enormous amount of money on getting daughters married, it also set me thinking about a certain kind of ‘girls-only’ parents - i.e. couples with only girls as opposed to those who have boys or a boy + girl combination.
I have absolutely no data on this and am speaking only from people I see around me - but it sometimes occurs to me that, parents who do not have any sons are actually better prepared for life post retirement. I am of course talking mainly about people from the middle class and upper middle class, who have had the opportunity to save some money; not poorer people who would not have been able to save even if they wanted to.
When it comes to this class of people, it appears as if those who do not have sons are actually more self-reliant and better financially as well as mentally equipped for life after retirement. Why? Because, all their lives, they have lived with the assumption that they will have to fund their old age themselves. Because they do not know what sort of families their daughters will be given into, whether those families will allow a daughter to help her own parents. (And lest you think this is the sort of thing that happens only in movies - I can easily recall a bride-seeing ceremony where one of the questions that the groom’s educated and affluent parents had was: After the wedding, whom will the bride hand over her salary to?) Because a daughter’s support during one’s old age is still a pleasant surprise, a bonus - not something that can be assumed.
So, they plan their expenses much more carefully, they lay by a nest egg for themselves, perhaps they even skimp on things when they are younger. Of course, this is not entirely a bad thing, because it always feels good to feel financially comfortable and independent. Parents who have sons, on the other hand, often seem to feel a certain comfort that their old age will be taken care of. Which may or may not happen. Stories abound in India, of parents left destitute. Even if not driven to poverty, there are certainly parents who do not get the financial support from their sons, that they had anticipated.
The current generation of urban 50 year olds will perhaps be the first generation to start breaking away from the traditional Indian belief in children being an investment for one’s old age. Add to that the fact that disposable income, and therefore investments and savings have grown, allowing people to manage their lives better. (An interesting article, Why the elderly should matter to marketers, that reflects the growing affluence and purchasing power among a small segment of Indians.)
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