Women's Financial Independence

  Financial independence is achieved when he/she control and manage their finances, rather than finances controlling them. Financial Independence is reached with financial literacy. It is important to learn how to earn, save and invest our finances. Society has taken this freedom from women and suppressed them by treating them as a financial burden.

The learned and earning class of women are breaking free from this suppression. Money gives them the power to take part in decisions, make decisions and live a life without depending on others, it might be a father, husband, or son.

This also allows them to break free from abusive families and environments and lead separate lives, focusing on themselves. Women with Financial Independence thrive both personally and socially. It is proven that when a woman handles the resources, the welfare of a child increases. The rate of small-scale businesses gradually increases, providing employment opportunities to those who were deprived of these opportunities.

A company called Lijjat Pappad was started in Mumbai in 1959 by a small group of homemakers. Now its annual revenue is 224 million dollars, with 45,000 women across India working here. This company also provide educational support, vocational training and financial literacy to women. This is a classic example of how women not only grow individually but also make an impact and influence other women in understanding and becoming aware of their potential.

However, if a woman is not financially independent, she has no power to make decisions in this patriarchal world and becomes a victim of verbal and sometimes physical abuse and is treated as a burden, creating mental pressure and trauma because of her helplessness and dependence.

Bhanwari Devi was a social worker in rural Rajasthan who campaigned against child marriages in the early 1990s. She came from a poor family, had little formal education, and was financially dependent on her husband’s meagre income as a potter. With no personal income or savings, she had limited bargaining power within her household and community.  In 1992, after she tried to prevent a child marriage, she was brutally gang-raped by upper-caste men. Her family and community gave her little support, partly because she lacked the financial independence to stand on her own.

Her husband, also poor and dependent on local networks, faced social and economic pressure, leaving the family even more marginalised. Her dependence meant she couldn’t afford strong legal representation, and her case dragged on for years. It eventually led to the landmark Vishaka Guidelines (1997) on workplace sexual harassment, but her struggles highlight how vulnerable dependent women are.

This tells us how important financial independence and financial literacy are to a woman. 

This Patriarchal world needs more educated and independent women who can make decisions that benefit both them and society. In a society built by men, women’s needs and freedom are often ignored, turning them into victims of abuse and suppression. This world also creates obstacles for women's independence. A woman in India earns 20–30% less than men for the same work, and she also faces sexual harrasment and discrimination in the workplace. Men monopolise markets and businesses where women struggle to enter and make a stand, and are still treated less than their male counterparts. 55 women currently serve as CEOs in Fortune 500 companies, representing 11 % of all CEOs. 

Some companies still ask women questions related to marriage, children and family, assuming women prioritise their families over their careers. These same men are excluded from the 6-9 hours of domestic unpaid labour a woman does, making it hard for her to balance both. Women are often expected to sacrifice their freedom and choice; she is expected to quit her job and take care of the family when married or after having a kid. 

The whole responsibility of raising a child falls on her, and she is constantly criticised by the other family members and society for "staying at home. " She is not given the same respect and authority as the male in the family; she is constantly fighting a battle to regain her individuality and freedom. If she is working even after childbirth and marriage, she is dealing with both her 10-12 hours of professional work and 6-9 hours of domestic work is cut out for her. Even with all these struggles, many households control the money she earns and don't let her have the financial independence that she earned. 

The Amendment to the Hindu Succession Act of 2005 improved property rights for Hindu women, increasing their financial autonomy and security. The Equal Remuneration Act of 1976 ensures equal pay for equal work and forbids gender-based discrimination in employment, fostering financial inclusion for women in the workforce. Laws against sexual harassment in the workplace contribute to a safer environment for women to work and earn a livelihood. Socio-cultural norms and traditions can negatively interact with financial inclusion measures, sometimes causing household tensions. Inadequate enforcement of laws and a lack of awareness among women about their rights often undermine the effectiveness of existing legal provisions.

Women need education, financial literacy, gender equality and sensitivity, equity, along with strong law enforcement. Financial independence is the cornerstone of women’s empowerment. It not only provides security and dignity but also enables women to make choices, contribute to society, and break cycles of dependence. True change requires not just policy, but a shift in attitudes, equal opportunities, and greater awareness. When women control their finances, they transform their lives and those of future generations.