Women's Journey: Financial Stress to Financial Independence

It is not surprising that women struggle to satisfy basic financial obligations because they have financial difficulties for a variety of reasons, including job lessness, responsibilities towards siblings, children and elderly, and other life events, as mentioned by SBI General Insurance in 2022. As compared to men, they are more likely to become homeless and have detrimental effects on their physical and mental health as mentioned in a report by Shahri Adhikar Manch: Begharon Ke Saath.

One needs to be capable of generating income in order to be stable and financially independent beyond a certain age and have savings of their own to support themselves. In general, having stable finances entails being able to make her payments easily, monitor financial objectives, have little to no debt, and live the life she chooses.

However, India has the lowest level of financial literacy, as mentioned by Humanity Welfare Council i.e. 80 per cent of women struggle with financial literacy, as compared to other developed countries because of widespread ignorance and a lack of formal education in women. Therefore, financial feminism only can promote awareness of financial issues and empowering women to learn about, interact with, and manage their finances. They require instruction in the five primary areas of personal finance: income, expenditure, savings, investment, and protection. Also, they can save a lot of money if they understand the tax system. With this, women who appreciate the value of personal finance and financial security may be motivated to launch their own businesses and earn additional revenue.

In fact, women are more likely than men to say that they are saving for retirement.  They must therefore participate in the financial decisions of their family. As many Indian women face a number of cultural, social, psychological, and physical restrictions that make it difficult for them to take their decisions, it would not be achievable until and until it is essential that women be granted the same authority to make financial decisions as men.

Dr. Jyoti Gaur, Director, Swapnil Pankh Foundation