#InternationalWomensDay: 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.
_{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

Highlights

The African saying goes “It takes a village to raise a child.” But in today’s pandemic era of all the restrictions and lockdown, the proverb takes a whole new meaning.

Virtual villages or tribes are online groups on social media platforms or apps of mothers who share their experiences and worries about parenting and even personal care or professional demands.

All the mothers going through a particular phase in parenting, get a platform to come under one umbrella. It not only comforts them with various solutions but also instils an emotion of solidarity, the reassurance of not being alone.

There are online communities for almost every phase of motherhood from breastfeeding to traditional weaning to a healthy diet for kids to mothers resuming their careers after a gap.

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As the African saying goes “It takes a village to raise a child.” If one goes by the meaning of the proverb it implies that the right way of bringing up children is to let them grow amongst the community, let them interact with society and learn from its experiences. But in today’s pandemic era of all the restrictions and lockdown, the proverb takes a whole new meaning. The only meaning which resonates with me right now is that motherhood and parenting is not easy and not a one-person or one family’s job. It takes all of your family, friends and colleagues to raise your baby and trying to do this alone is hell difficult.So, it may not be completely wrong to say that, “It takes a village to raise a parent.”

Let’s be real, motherhood is the most beautiful yet can be the most trying time in a woman’s life. Postpartum depression, hormonal changes, body issues, and the overwhelming needs of a newborn takes a huge toll on both the physical and mental health of new mothers. Every day comes with the need of some new parenting wisdom which can be taxing for new parents especially mothers when she doesn’t have her tribe to rely on.

I remember when my aunts were pregnant and when their due date approached near, how my mom and grandmother used to begin making preparations with the postnatal traditional ‘laddoos’, a masseuse was hired for both the babies and new mothers and they made sure they new mother get required time off from the kitchen and other chores and gets ample rest. Their ancient wisdom worked wonders while treating minor problems in kids like colic, latching issues and breastfeeding.

But this pandemic has disintegrated the village for the new mothers. They can’t travel to their families and vice versa as well as can’t get to the vicinity of even their neighbours.

How has virtual village emerged as the biggest strength of new moms?

“Years back, as a new mom, having an uncontrollable toddler, I even found myself helpless sometimes. That’s when the community, the sisterhood made me understand that I was not alone and it’s going to be alright. Women are emotional beings, we just want to be heard. We need a safe space where we can vent out our feelings, where we can seek answers, where we can talk about our issues. Where we do not feel judged or harassed. Where we do not feel discriminated against. This is where the community and sisterhood plays a big role. It is where it’s so important to have a tribe around.”, says Preetha Nagarajan, founder of an exclusive women’s community, ‘Wonder Moms’.

Preetha Nagarajan sharing the journey of her online community with Infano.

Virtual villages or tribes are online groups on social media platforms or apps of mothers who share their experiences and worries about parenting and even personal care or professional demands. Sometimes, it’s easier to share your concerns with stranger women who are connected to you through the common bond of motherhood than the ones near to you as there is no fear of judgement or bias. Moreover, all the moms going through a particular phase in parenting, get a platform to come under one umbrella. It not only comforts them with various solutions but also instils an emotion of solidarity, the reassurance of not being alone.

Women are sharing their journey of motherhood with each other.

There are online communities for almost every phase of motherhood from breastfeeding to traditional weaning to a healthy diet for kids to mothers resuming their careers after a gap.I have found comfort in some of the toughest days of early parenting through the online community, most of the time just by reading the various comments on the relevant topic. Although, there is no one formula for raising a child and each situation and each child needs a different routine of care, so it will be wiser to carefully implement the internet wisdom.

Create your village.

Being connected with women who share with you common roles, responsibilities, goals and purpose be it concerned only with motherhood is empowering and motivating. I have found wonderful suggestions on buying stainless steel milk bottles, reusable cloth diapers for my toddler to planning easy healthy meals for her to dealing with the struggles of the weaning phase to easily potty train her and that too backed by the amazing amount of research put by other moms.

The wonderful aspect of an online community is that sometimes a panel of moderators or members also have experts, gynaecologists, child psychologists, lactation consultants and paediatricians who offer suggestions based on scientific findings and rationale.

Some of the wonderful groups for mothers on Facebook are –

Wondermoms, Brown Mommies Unite, Breastfeeding Support For Indian Mothers, Traditional Weaning (Introducing Solids) India and Fittr Moms.There are also, communities for kids born in a particular month, e.g. October Moms 2015, July Mom’s, 2017.

Infano Care is one such platform that stays with you throughout your journey of periods, pregnancy and parenting. It gives a platform to various subjects which are significant but are either ignored, hushed or are considered taboo. It’s a comfort zone for women across the ages to read and get knowledge on subjects of their interest , be it menstural cycle, irregular period,early pregnancy, women’s health issue, femisim and women empowerment.

Internet boom has brought your tribe to your screen gateway. Build your own village. Choose your team. Empower each other. Our children deserve their own villages.