This blog is written by Prachi Kumari, N.B. Thakur Law College, Nashik

INTRODUCTION

Financial Freedom for Women is often considered a Feminist concept in our patriarchal society. Men believe that giving financial freedom to women can lead to losing their status in society which is not what women want. Women want the ability to make their own financial decisions without being judged with the freedom that men have all these years. Financial freedom gives women the capacity to make their own financial decisions and fulfill their monetary goals without being dependent on their male counterparts or father or brother and society should not put them guilty for not involving in household work or child care. Financial Independence Women can women to live their lives on their terms without compromising their self - self-respect and dreams.

IMPORTANCE OF FINANCIAL FREEDOM FOR WOMEN

1-Increased Self Confidence- Financially fit Women can pay their bills and expenses without being dependent on anyone else. This helps them feel a sense of peace and confidence that they can maintain themselves.

2- Efficient Financial Security- Women who are in control of their finances give women sufficient clarity and visibility in terms of their financial security. It allows them to make choices without any economic constraint and neither are they dependent on anyone for deciding on what is important for them.

3-Better say in family matters- Generally, when women start making economic decisions on their own, they also find improved acceptance as decision-makers in family matters.

4-Family’s health takes Priority - Money in a woman’s hand invariably brings about greater spending on child nutrition, health, and education and plays a key role in breaking the cycle of intergenerational poverty.

5-Absolute Financial Empowerment- As more and more women join the workforce, it is becoming even more important for women to take charge of their finances, plan, and truly work towards absolute empowerment.

6-Bridging the gender gap- In today’s era, there is still evident disparity in wealth between men and women. Investing offers women, a chance to narrow this gap by increasing their wealth gradually. By actively participating in the management of their finances, women can establish a more stable and prosperous future for both themselves and their families.

How can we boost Financial Inclusion for Women?

Boosting financial inclusion for women is critical for a country like India. If we look at the gap that exists, it is massive. The labour force in our country's inclusion of women today is the lowest globally. If we want to change this scenario, we need to do the following so to increase the inclusion of women: -

1. By understanding who the women are and understanding their potential.

2. By giving them training and capacity and access to technology that gives them jobs, or gives them business.

3. In India today, there are over 15.7 million women businesses that are not seen, heard, or understood they have brick and mortar and they‘re part of infrastructure but they are not getting to access finance, we change that by giving them access to technology, building their credit history, helping them understand how to boost their businesses and entrepreneurial development and that unlocks billions of dollars of opportunities of capital which will be game -changer for how rural India operates.

Way Forward to Ensure the Financial Freedom for Women

● First and foremost, it is important to impart financial education to women at an early stage of their lives from school we need to educate women about finance so that when they reach the age of earning capacity and enter into the labor force, they can understand how much financial independence and freedom to achieve it is very important and what are the steps they can take confidently to achieve financial freedom.

● For an organization to have intentionality to focus on Women and have a feminist lens to see why women are amazing and provide a safe space for women to ensure women can showcase their potential to full capacity.

● Fundamentally Organizations need to design something in a different way to ensure the inclusion of women in their organization that’ 's the only way to make it happen for women in the workforce.

Conclusion

To ensure financial freedom for women it is important to provide financial education to women from their school. Learning early about finance gives them confidence at a later stage of their life. It is important to see women being assets to facilitate change see who she is understand them in a real way and ultimately design for her because she is the decision maker and market for the future.

References

1-Empowering Women: Why it’s time to start investing and achieve financial independence? | Mint (livemint.com)

2-Financial Independence: How women are increasingly taking financial decisions - The Economic Times (indiatimes.com)

3-Financial Independence For Women: A Step By Step Guide (clevergirlfinance.com)

4-Seven things women need to know about money (ft.com)

5-The Great Wealth Transfer: What It Means For Women And The World (forbes.com)