#InternationalWomensDay: Why Do Women Need Financial Freedom?

Written By: Sonali

March 8, 2022

Highlights

Why do women need financial freedom?
Why think of financial freedom?
Consequences of not being financially independent.
What happens when women become financially independent?
Ways to become a financially independent woman.

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The COVID-19 pandemic struck the world when it was least prepared for. Ever since its inception, it has been a challenge to deal with. This situation has been an eyeopener in making us realise the importance of financial freedom and financial security for both He and She. Especially for women, it turned out to be more difficult. But the question is why is it so much more important for women!!

Financial freedom is a great way of giving women the authority to actually think good for themselves and act accordingly. Women don’t need to be working in MNCs or Government offices to label themselves as financially independent. They could be doing a variety of other things ranging from daily wage workers (for women coming from low-income families) to running a tiffin business from home (for middle-class women having little education).

According to the United Nations Global Compact study, it is shocking to see that with the advancements in the economy, female labour participation in India decreased from 34 % in 2016 to 24.8 % in 2020. Only if India raises the participation of women to the level that men do, it will increase the nation’s GDP by 27 per cent. Thereby placing India in a good position in the global economy.

This #InternationalWomensDay, understand the variety of reasons that support the idea of financial freedom for women. Read to know more in-depth!

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The COVID-19 pandemic struck the world when it was least prepared for. Ever since its inception, it has been a challenge to deal with. Things around us have become uncertain and prone to losses. When I look at this, I realise that the pandemic not just aimed at taking away lives but has also shattered people to their core by taking away their livelihoods as well.

This situation has been an eyeopener in making us realise the importance of financial freedom and financial security for both He and She. Especially for women, it turned out to be more difficult. But the question is why is it so much more important for women??

Why think of financial freedom?

We often hear the term ‘Women Empowerment’, but only a handful of people can decode the term. Empowerment means giving someone the ability to control their life and claim their rights. Therefore, the term emphasises giving women the power and ability to control their lives.

Financial freedom is a great way of doing the same. It gives women the authority to actually think good for themselves and act accordingly.

Women don’t need to be working in MNCs or government offices to label themselves as financially independent. They could be doing a variety of other things ranging from daily wage workers (for women coming from low-income families) to running a tiffin business from home (for middle-class women having little education).

Consequences of not being financially independent

Humans automatically take control of the steering of their lives when they start to earn. Women are no different!

Financial freedom becomes more important for women who live in abusive households. Reports suggest that 70% of women in India face some form of domestic violence. Still, they continue to live with their abuser as they lack financial freedom; the situation would be completely different only if they had the monetary resources in their hand.

What happens when women become financially independent?

Studies show that when a woman earns, she invests 90% of her earnings into their family compared to only 30% to 40% for a man.

It is shocking to see that with the advancements in the economy, female labour participation in India decreased from 34 % in 2016 to 24.8 % in 2020. It also reports that out of the 153 countries that were part of the study, India is the only country where the economic gender gap is wider than the political gap.
_{United Nations Global Compact}

Only if India raises the participation of women to the level that men do, it will increase the nation’s GDP by 27 per cent ― thereby placing India in a good position in the global economy.

There are a variety of reasons supporting the idea of financial freedom for women. A few of them are discussed below.

Enhance their self-worth

The power of liberty increases one’s self-worth; in a country like India, financial freedom is of prime importance for Indian women where gender equality is asymmetrical. A significant proportion of Indian women are dependent on their spouses, making it an arduous task for them to walk out of an abusive marriage. Earning money instils within them the power to make a strong decision when it comes to their life.

Support the family

There is a lot of pressure on the sole breadwinner of any family, which in most cases is the husband. When the only earning member in the family is the husband, there is a lot of pressure on them. Given the unpredictable situation of jobs in the country, pink slips are no longer a surprise.

The COVID-19 situation has further accelerated this problem. While people argue over the fact that women don’t need to work as their husbands, fathers, or brothers earn; extra income does not really harm. Especially in such delicate times, it would be a lot of help.

I know there’s never a ‘right’ time to have kids but for me a better time looks like: a marriage or healthy support system, a suitable home, a healthy & healed mind & financial freedom.
— SocialMediHer (@MONR0WE) March 7, 2022

Facing emergency situations

In life, everything does not go as per plan. We need to be prepared for any kind of unexpected turn of events. When there is an extra earning member in the family, there is comfort in dealing with such situations.

Sadly, the middle-class family survives from paycheque to paycheque, and such situations are not welcomed in such houses. If there is one more earning member in the family, it eradicates this problem as the extra money can be kept aside for emergencies.

Become a role model

Whenever we talk about women in leadership, very few names pop up in our minds. Ever wondered why?

The harsh truth is we don’t have many female leaders. A single woman’s financial freedom can act as a source of inspiration for all those women who are willing to do something but hesitate to take a step forward. Your progress chart will become directly proportional to the success rate of many other women who look up to you. A financially independent woman has the power to motivate and shape the lives of millions of women. You don’t realise, but that’s a big responsibility!

All I want is a healthy body, healthy skin, a healthy love life, and financial freedom. Happiness.
— Lil Baby 💍 (@DatDamnShorty) March 5, 2022

Ways to become a financially independent woman

Effective financial planning:

Determining real and achievable financial goals is the secret spice of being efficiently financially independent. Setting practical goals helps you to be in control of your income, investments and expenses.

Use personalised financial plan:

Choosing a plan just because it worked out great for your friend would be the last mistake you want to commit while choosing a financial plan. It is so because the same plan could do you more harm than reaping profits. Personalisation is the key to successful financial planning.

Select plans keeping in account your financial goals and needs.

Plan for the unexpected:

I have already talked a lot about how important it is to have an extra source of income in moments of crisis. Every woman should be ready to deal with any unexpected events.

Aim at securing the future:

You don’t just earn for fun, do you?

Once you start earning, you have certain responsibilities on your shoulder. As a working woman, it should be your major concern that your family goes through little or no financial stress in your absence as well. Begin to invest in insurance plans, mutual funds etc., as it will support financial continuity.

Financial freedom is important for each one of us, irrespective of our age and marital status. It is high time people must comprehend that the financial freedom of a woman or a working woman does not harm the reputation of the family. It is perfectly okay for a family to run on the income of a woman.

We live in the 21st era where we talk about equality. But this debate has no end if we fail to perceive the importance of women being financially independent. Even today, situations are highly uncertain for a woman in society. The majority of the time, she does not get a say in her significant life-changing decisions. Women have to face a lot of problems and criticisms. Financial security gives them the power to think and take a stand for themselves. It makes her believe her own instincts and complete her journey.

Infano supports every woman out there to take a step towards her success. Do not forget to read our HerStory column for all those inspiring stories of women who are breaking the stereotypes and making an example! #HappyWomensDay #FinancialFreedom

Finance financial freedom financial independence gender equality women empowerment working women

Sonali

A 'non-9-5 desk job' ambivert geek who chooses her own audience, Sonali loves sharing stories and finding the corners where humanity still exists! She believes that every individual's story is unique and special. She loves writing about the untouched and unspoken segments of society. When not writing, you can find her listening to someone's stories or playing with dogs. Sonali values mental health and encourages people to speak their heart out!

The ‘Saas-Bahu’ Relationship Does Not Have To Be Toxic

Written By: Suhani Sharma

June 9, 2021 | 11:12 AM |

914

Highlights

A daughter-in-law and mother-in-law’s relationship has been predominantly governed by set of rules of patriarchy for ages and generations.
Keeping unrealistic expectations from daughter-in-law, expecting perfection from just one person in the family, carrying all the chores of the household single-handed is unfair.
In a non-toxic equation, the mother-in-law will try to make sure that her daughter-in-law doesn’t have to suffer the problematic practices of family and society which she had to bear in her time.

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Along with the partner, the ‘family of choice’ (his family) comes in a package. While we get accustomed to the former relationships, the latter one needs time and patience to bloom. Amongst them, the trickiest of all is a daughter-in-law and mother-in-law’s equation.

A relationship that has been predominantly governed by set rules of patriarchy for ages and generations. After all, if it hadn’t been the most complicated one, TV Empress, Ekta Kapoor’s company would have shut down long back.

But does it always need to be a tough nut to crack? What should ideally be a relationship of mutual understanding and respect, instead becomes an unnecessary and out-of-control mess. So, where does the mysterious common meeting ground lie?

Keeping unrealistic expectations from daughter-in-law, expecting perfection from just one person in the family, carrying all the chores of the household single-handed is unfair.

In a non-toxic equation, the mother-in-law will try to make sure that her daughter-in-law doesn’t have to suffer the problematic practices of family and society which she had to bear in her time. It isn’t the case of harassed becomes harasser. They protect each other from outside threats.

A DIL and MIL are restricted by their positions in their relationships. Interference and lack of privacy may ruin the bond. Knowing your place, your duties, your responsibilities, and your boundaries make it a little happy to co-exist.

If nurtured with little understanding, love, and empathy, the relationship between DIL and MIL could be one of the most fruitful relationships of a woman’s life. They come to each other in a package deal, it’s difficult to exist without each other in a family setup. So it’s better they leave the age-old practices away and make efforts to be the new-age, cool, partners in crime DIL and MIL.

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In our lives, there are some relationships that we are born into and then there are some that we choose over time. We spend almost the first half of our lives with the relationships we are born into. Our sensibilities, thinking, lifestyle, manners are shaped by and amongst them. Once we grow up, we step out of our cocoon, explore the world and choose a partner to spend the rest of our lives with. Along with a life partner, we also get a family that comes as a package with them. While we get accustomed to the former relationships, the latter one needs time and patience to bloom.

Among them, the trickiest of all is a daughter-in-law and mother-in-law’s equation.

A relationship that has been predominantly governed by a set of rules of patriarchy for ages and generations. After all, if it hadn’t been the most complicated one, TV Empress, Ekta Kapoor’s company would have shut down long back.

I have stories of some friends who share surprisingly amazing chemistry with their mothers-in-law, some claiming it to be even better than their own mothers. While it is difficult for me to gulp it down, it’s equally pleasant to get to know about the stereotypes being broken. But, I also have stories where the women are living their nightmares, where the equation between ladies of the house have practically ruined the relationship with their spouses.

Let’s first talk about the dilemmas of daughter-in-law.

In Indian culture, getting married, leaving your family, and moving into a new home with a new family isn’t always dreamy. It can be overwhelming, testing, and chaotic. I won’t be lying but the way young girls are brought up in our society, living under humongous pressure of impressing their in-laws to be, with chefs like culinary skills and butler-like home management qualities, if you ask me, all Indian girls should be awarded some gallantry award on their first anniversary but after a while, even a compliment feels like a distant dream.

Keeping unrealistic expectations from daughter-in-law, expecting perfection from just one person in the family, carrying all the chores of household single-handed is unfair.

Likewise, I have seen many young girls getting uneasy over the changes which come in life after marriage. They live in the false bubble of personal freedom and think their lives will be unaffected post the status shifting from single to married. Once the bubble bursts, they end up avoiding the circumstance of being together or being there for the new family when needed. A peaceful co-existence under one a common roof, between the two parties at loggerheads becomes impossible.

What are the attributes of a dream-like relationship between a daughter-in-law and mother-in-law and how it can be turned into reality?

1. Communication is the key.

I am a firm believer in the fact that all the wars of the world have ended over a round table. Conversations can do wonders. Putting objectively your point forward will save you from all the overthinking and misunderstandings. Be a respectful speaker and a generous listener. It’s always better to take a stand on what you believe, put it forward and be open towards reactions rather than sulking about it and breaking the bridge of communication.

2. They both are a part of one team.

I recently saw and shared a tweet as it resonated with me big time. It goes like –

The world can be divided into two kinds of people-

1. I had to go through it, so you should too

2. I had to go through it, so I’ll work to make sure you don’t.

3. Defeat the power struggle.

This relation serves as the classic case of a power struggle. A silly banter has the capacity to become a battle of the wills in wrong minds. It’s not just limited to the most coveted man of their lives i.e the son and the husband but it extends to everything, the right to exercise the simple choices, lifestyle, regular household, or maybe even professional decisions. A healthy relationship defeats the power struggle by taking a back seat. It knows that not everything can be won over by locking horns.

4. Empower one another.

An ideal relationship believes in the power of community. They believe that there is a larger purpose in their lives and help each other to achieve them. Life can be shockingly simple and better when women come together and encourage, empower each other instead of taking jibes and pulling each other down.

I was amazed by the spirit and determination of my friend who trained her widowed mother-in-law to operate computers, work on emails, social media, gave simple lessons on how to use a pen drive, and then empowered her to become a partner in full-fledged business. She changed the course of her mother-in-law’s life by taking simple steps, one at a time.

5. Draw the boundaries.

A few years ago, I was attending a Delhi wedding and while sipping chai together with my mom and her friends, an aunt of the bride announced her philosophy stating that if there is one truth in this world, it is that a daughter-in-law can never be a daughter to a mother-in-law and she should never strive to be, rather she should stick to her role and do justice to it. As an emotional young girl, few years distant from the prospect of marriage, I felt disheartened. But now after being married for nearly a decade, I can say that it must have come from a life of pleasant and unpleasant experiences.
A DIL and MIL are restricted by their positions in their relationships. Interference and lack of privacy may ruin the bond. Knowing your place, your duties, your responsibilities and boundaries makes it a little happy to co-exist.

6. Ditch the melodrama.

They make efforts to save themselves from jealousy and competition. It doesn’t come easy, at once and early, it takes time and understanding. The son of MIL and the husband of DIL becomes the prime object of competition and jealousy but it takes a certain level of maturity to understand that both mother and wife have their own special places in his life. I will take it a step further and say that smart ones know that they shouldn’t ruin their relationship even over the most important man of their lives. They are not here to replace each other and their vision is not restricted to just this.

7. Choose their battle.

Real women avoid drama. They save their precious time and energy on petty issues. They pick the battles which matter to them, talk about them or sort it out and leave the rest to die on their own.

Afterall, MIL and DIL are related for life through a bond, it’s better they keep their differences aside, open their hearts, leave their biases and try to co-exist minus drama.

If nurtured with little understanding, love and empathy, the relationship between DIL and MIL could be one of the most fruitful relationships of a woman’s life. They come to each other in a package deal, it’s difficult to exist without each other in a family set-up. So it’s better they leave the age-old practices away and make efforts to be the new-age, cool, partners in crime DIL and MIL.

Suhani Sharma

Suhani is a Company Secretary by education but a writer by passion. She has studied film appreciation at FTII, Pune. She is an independent blogger and has been blogging on cinema for more than seven years.

She believes in open dialogues about the taboo subjects in society and with Infano she wants to encourage its readers to have a conversation around them.