Pratik Bijlani – On 28 February, the Women’s Wing of the Maritime Union of India (MUI) organised an informative webinar on financial literacy, aimed at empowering women from the maritime community with essential financial knowledge and practical guidance on managing personal finances. The online session brought together seafarers’ families, women professionals, and members of the maritime fraternity to discuss strategies for financial security, responsible investment, and long-term planning.
The initiative forms part of the Women’s Wing’s ongoing efforts to support and empower women connected to the maritime industry through awareness programmes, workshops, and knowledge-sharing platforms that focus on both professional and personal development. Recognising the unique financial challenges faced by seafarers and their families—such as irregular income cycles, contract-based employment, and limited active earning years—the webinar focused on building financial awareness and encouraging responsible money management.
The webinar was inaugurated by Ms. Deepti Mankad, Head of the MUI Women’s Wing, followed by a welcome address by Ms. Renuka Nayar, Advisory Board Member of the Women’s Wing. Welcoming the speakers, moderator, senior union leadership, committee members, and participants, Ms. Nayar expressed gratitude to the organisers and highlighted the importance of financial literacy in empowering members of the maritime community. She noted that sessions such as these help individuals gain practical knowledge and confidence in managing their finances effectively.
Capt. Savio Ramos, General Secretary of the Maritime Union of India, also addressed the gathering and emphasised the importance of timely financial planning for seafarers. He observed that many maritime professionals postpone investment decisions despite having substantial savings during their active sailing years. Encouraging participants to make the most of the expert guidance being shared during the webinar, he appreciated the Women’s Wing for organising an initiative focused on financial independence and the protection of hard-earned income.
Ms. Bharati Bhandarkar introduced the speakers for the session, presenting financial planning expert Ms. Kanan Vora and Dr. Nupur Rajvanshi, both of whom have extensive experience in financial education and advisory services for professionals, including seafarers. She briefly outlined their credentials before inviting them to share their insights with the participants.
Dr. Nupur Rajvanshi delivered an informative address on the fundamentals of financial literacy, focusing on practical money management strategies for seafarers and their families. She explained the importance of understanding different income types—regular, irregular, taxable, and non-taxable—especially in the context of seafarers’ contract-based employment. She also encouraged participants to prioritise savings and maintain disciplined spending habits by following budgeting approaches such as the 70–30 or 80–20 rule. Highlighting the importance of early investment and diversification, she discussed practical options including Systematic Investment Plans (SIPs), Public Provident Fund (PPF), gold investments, and welfare schemes.
Emphasising the importance of planning for retirement and emergencies, she stated, “Financial literacy empowers seafarers to make informed decisions about saving, investing and planning for retirement, ensuring long-term financial stability for themselves and their families.”
In her presentation titled “Goal-Based Investment,” Ms. Kanan Vora of the Happyness Factory explained how disciplined financial planning can help individuals build long-term security. She encouraged participants to clearly define life goals such as retirement, children’s education, and family protection, and align their investments accordingly.
Ms. Vora also discussed the importance of maintaining emergency funds and obtaining adequate financial protection through life, health, and accident insurance. She highlighted the benefits of starting investments early to leverage the power of compounding and manage the impact of inflation. “Financial planning works best when it is goal-based—when you clearly understand what you are saving for, start investing early, and allow discipline and compounding to build a secure future, especially for seafarers whose earning years are limited but high-potential” she said.
The webinar concluded with an engaging interactive question-and-answer session. Ms. Payal Bhalla then offered a concise summary of the proceedings, followed by a heartfelt vote of thanks delivered by Ms. Mona Breja, bringing the informative and enriching session to a dignified close.
Marex Media