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#InternationalWomensDay: Why Do Women Need Financial Freedom?

Written By: Sonali
March 8, 2023

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.
  • Quick Read
  • Full Read

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

  1. 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.

  1. 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.

  1. 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.

  1. 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

Financefinancial freedomfinancial independencegender equalitywomen empowermentworking 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!

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Rural Revolution: Five Inspiring Power Women Who Changed The Destiny Of Rural India!

Written By: Sonali
October 15, 2020 | 07:00 PM |
1,791
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Do you know that women account for as much as 89.5% of the labour force in rural India in the agriculture and allied industrial sectors? Or that 47% of India’s women aged 20–24 were married before the legal age of 18 as per UNICEF’s ‘State of the World’s Children-2009’ report?

In a country where female infanticide is still prevalent in some rural parts, this story is nothing less than a knight in shining armour. Writing this was joy and inspiration, and I wish it leaves the same emotions to you.

Meet the five iconic women of rural India who changed the entire roop rekha of their village with their sheer determination and hard work and inspired and empowered thousands of others!

Sushila Koli

Source

This gritty woman brought a revolution in the field of education when she decided to open her own anganwadi after finding no schools and centres educating kids in her village in the Kolhapur district of Maharashtra.

She started teaching them from her own home and later shifted to a temple when the number of kids increased. But this journey was not so easy as she had to struggle hard and convince villagers to send their kids to study.

But she did it. And she did it for eleven long years until the government noticed her good deed and decided to open an anganwadi, Balwadi Vidya Mandir, there.

“The kids belonged to low-income families, and there was no question of charging them any fees. Sometimes the parents would give me food grains, but I never expected any money,” Sushila has taught more than 250 kids without charging a single penny in all these years.

Godavari Satpute

Source

The ‘Woman Entrepreneur of the Year’ awardee of 2013 is the founder of ‘Godavari Akashkandil’ which is a paper lamp manufacturing business founded in 2009.

What she started with a meagre amount of loan taken from her relatives is now employing and empowering several other women in rural areas and helping them in becoming financially independent. Her company crossed the annual turnover of over INR 30 lakh in the year 2013.

Sobita Tamuli

Source

This resident of Telana village from Assam is the brain behind Seuji, which is an all-women self-help group that makes traditional Assamese japis, manufactures organic manure, and sells them. 

They sell Kesuhaar, organic manure, which contains natural elements like cow dung, banana plant remains, earthworms, and fallen leaves for Rs 50 per packet (weighing 5 kg each). Japis are traditional conical, wide-rimmed Assamese hats which Seuji makes as per an individual’s or an organisation’s request. They also sell them in neighbouring markets.

Anita Gupta

Source

The founder of Bhojpur Mahila Kala Kendra, Anita Gupta hails from the Arrah of Bihar and is a recipient of an award from the Government of Bihar. Her NGO, which was established in 1993, has trained more than 25,000 women in nearly 400 skills and has formed around 300 women self-help groups in Bihar.

Her NGO received support from Tata Institute of Social Sciences and DC Handicrafts, Government of India in 2000. Anita is also a member of USHA Silai School in Jharkhand and Bihar, where she trains women in sewing.

Chetna Sinha

Source

Ever wondered of a bank that provides loans of amounts as low as INR 15 to rural women? Mumbai based Chetna Gala Sinha started this unique revolutionary bank back in 1997 when she realised that financial aid was indeed the best possible way to empower women in rural India.

The Mann Deshi Bank originated from the town of Mhaswad in Satara district of Maharashtra, expanded to eight branches and empowered more than 3,00,000 women through 140 field facilitators. The bank offers loans for one day to five years, for the smallest amount you can think of, and EMI repayments for amounts like INR 15. 

“Looking at the success, we plan to take this model all across the country and want to impact 1 million women entrepreneurs by 2022. All we need is patience and courage for that,” Chetna adds.

October 15 is marked as the International Day of Rural Women across the world. As per the United Nations, rural women — a quarter of the world’s population — work as farmers, wage earners, and entrepreneurs. And if women in rural areas had the same access to agricultural assets, education, and markets as men, agricultural production could be increased, and the number of hungry people reduced by 100-150 million. #InfanoWomen

infanowomeninspirationreal storyRural Indiastartupswomen in indiawomen power

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!

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