International Women's Day: Why Do Women Need Financial Freedom?

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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.
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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

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It’s been 25 months since the government ruled out Section 377 of the Indian Penal Code and acknowledged consensual homosexual sex between adults as legal.

But what still makes it inequitable is the constant objection offered by half the country — the constantly given looks full of disgust and words of utterly divisive judgement!

25 months of freedom and 25 additional months of remaining behind the closet!

While half of the janta is not ready to accept homosexuals and transgender people, the other half is loving and welcoming them with open arms. And with the constantly slow yet increasing rate of acceptance demands acknowledgement and awareness more than ever.

Let’s try to know more about the laws that favour the LGBT community and enable them to get their equal rights.

Same-sex marriages

Same-sex marriages are not yet legal in India; neither same-sex couples are offered rights such as a civil union or a domestic partnership. However, 2011 witnessed a Haryana court granting legal recognition to a same-sex marriage involving two women.

In 2017, a draft of a new Uniform Civil Code was proposed to the Law Commission of India that also involved the demand of legalising same-sex marriages.

It defines marriage as “the legal union as prescribed under this Act of a man with a woman, a man with another man, a woman with another woman, a transgender with another transgender or a transgender with a man or a woman. All married couples in partnership entitled to adopt a child. Sexual orientation of the married couple or the partners not to be a bar to their right to adoption. Non-heterosexual couples will be equally entitled to adopt a child”.

Discrimination protection

According to Article 15 of the Constitution of India, discrimination on the grounds of religion, race, caste, sex or place of birth is strictly prohibited.

The Transgender Persons Act, 2019 also rules out any kind of discrimination against transgender people. However, the community have protested against it, claiming that the bill hurts the transgender community more than helping it.

Discrimination in high schools

Discrimination, bullying and ragging targeted at a student on the ground of their sexual orientation or transgender status are prohibited under the UGC Regulation on Curbing the Menace of Ragging in Higher Educational Institutions (Third Amendment), 2016.

Service in Indian Military

The LGBTI community is also banned from openly serving in the Indian Military. But, Member of Parliament Jagdambika Pal (BJP), in 2018, introduced a bill to the Indian Parliament to amend the Army Act, the Air Force Act, and the Navy Act that would allow LGBT people to serve in the military.

Transgender rights

The Indian Constitution recognises transgender people as a third gender population — neither male nor female. The community got its voting rights as a third gender in 1994. Recognised as socially and economically suppressed class, they are also entitled to reservations in education and jobs and the welfare schemes framed by the union and state governments.

People from the transgender community have a fundamental constitutional right to change their gender without any surgery and the entitlement of mandatory recognition of their gender as a third gender on official documents.

In April 2019, the Madras High Court declared that the term “bride” under the Hindu Marriage Act, 1955 would include trans women as well.

State laws

The Ministry of Health and Family Welfare’s plan Saathiya also includes homosexuality and states, “Yes, adolescents frequently fall in love. They can feel attraction for a friend or any individual of the same or opposite sex. It is normal to have special feelings for someone. It is important for adolescents to understand that such relationships are based on mutual consent, trust, transparency and respect. It is alright to talk about such feelings to the person for whom you have them but always in a respectful manner.”

The Madras High Court, in 2019, directed Tamil Nadu to ban sex-selective surgeries on intersex infants and upheld the marriage rights of transgender women.

There is a lot to happen, loads of petitions are pending — we are yet to witness more historical judgments, and while we wait for all of those — we need to make ourselves first. We need to accept the community and tell them that they are ours, and we belong to them — that we all are equal and deserve an equal way to live our lives. We need to prove ourselves first!

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