In a society where traditional gender roles have long prevailed, financial empowerment for women has emerged as a crucial thing for transforming the Indian society.
Challenging the Norms:
The societal norm that traditionally expected men to be the sole breadwinners has held firm in India for generations. However, it is not uncommon for many to recollect their mothers as the ones diligently saving money and managing the household finances. This apparent contradiction emphasizes the latent financial acumen and responsibility women have exhibited.
When women receive the necessary financial guidance and education, their confidence and capabilities in managing finances grow. Initiatives like the Securities and Exchange Board of India’s (SEBI) investor awareness programs and mutual funds’ educational efforts have already played a role in enhancing financial literacy among women.
Gender Disparities in Financial Literacy:
India, a country that venerates the Goddess Laxmi as the symbol of wealth, ironically witnesses a stark gender disparity when it comes to financial literacy and investments. While an increasing number of women are part of the workforce, their participation in investment and savings remains disproportionately low. This discrepancy can be attributed to various factors, including the gender pay gap and societal norms that have limited women’s involvement in financial decision-making.
The Importance of Early Financial Planning:
Financial experts assert that women should not be burdened with “special” financial responsibilities; rather, both men and women should undertake similar steps when investing. It is highly advisable to begin investing early in one’s career. A passive income generated through investments, especially in mutual funds using Systematic Investment Plans (SIPs), can provide financial stability, even during planned career breaks.
SIPs allow individuals to invest a fixed amount regularly and transfer funds into liquid or arbitrage funds through a Systematic Transfer Plan (STP). This method, when followed diligently, can significantly multiply one’s investments in a relatively risk-free manner.
Tips for a Better Financial Future:
One crucial recommendation for women is to prioritize managing their bank accounts independently, rather than solely relying on male family members. Seeking expert financial advice and obtaining term insurance are also pivotal steps to ensure their financial well-being and that of their immediate dependents. A woman’s financial health should become a primary consideration for her, especially ensuring financial security through retirement or unforeseen circumstances.
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Breaking the Taboo:
The concept of a financially independent woman is still considered a taboo in India. The onus to financially support women is often placed on their partners, husbands, fathers, or other male figures in their lives. To challenge this stereotype, the first step is to recognize and accept that financial independence is not a matter of gender but a fundamental human necessity.
Empowering women economically not only fosters their financial security but also contributes to shifting societal norms and breaking free from traditional gender roles. As women gain financial independence, they not only secure their own futures but also play a pivotal role in shaping a more equitable and inclusive Indian society.
