Women: Why you need to take charge of Financial Decisions for yourselves?
Some 90% of women will be solely responsible for their finances at some point in their life. By 2020, women are expected to control $72 trillion, or 32% of all wealth globally, up from $51 trillion in 2015. – CNBC, 2019
Gone are the days when women used to stand aloof from money matters. Modern women are breaking age-old barriers, and financial independence is one of them. With improved participation of women in the workforce, soaring careers and inheritance, women possess a growing amount of wealth globally. But what’s even more important is how prudently women spend and invest this money. Why? Let’s see.
To be clear, financial independence is not about how much money an individual own. It is all about making wise decisions with the money, like right investment planning. Though women have come a long way when it comes to earning money, they still depend on the men in their family to take financial decisions. In many cases, they willingly let the men – father, husband, brother, or son, take care of their finances. There is nothing women can’t do. They are already taking care of their jobs, family, and children very well. So, there should be no room for this dependency. At present, it is important for women to understand that they may need to live their retire lives alone at some point in their life, due to their longer life span or any other reasons. Hence, not taking control of their finances may trouble them at some stage in the future.
Let’s delve deeper into some cases where women need to be financially independent no matter whether they are working, stay-at-home mom, or a homemaker.
To cope with unwarned emergencies
Nothing is guaranteed or permanent in life – be it job or life - they can’t be considered super secure. We never know what the future has in store for us. Divorces, loss of life or job are some unpleasant truths that may happen in anyone’s life. Even if a loving relationship lasts forever, unwarned emergencies can push you at the mercy of someone else’s decisions. Thereby, women need to take care of their financial well-being regardless of the situation around them.
To meet the rising cost of living
There is no way you can ignore inflation in your life. The cost of living is rising every year, and even if you have a job, you need to look out the ways you can pay off your debts, invest in savings plans and better avenues. It will enable you to save sufficient so that you can own a decent home, upgrade your lifestyle, send kids to best institutions and above all splurge a few bucks on yourself. Financially independent women not only contribute to the daily expenses of the household but also assist in meeting the family’s financial goals.
To become an inspiration
A woman, standing on her own feet and capable of making financial decisions is a source of inspiration for other women in society. She motivates others to stand tall with self-respect. In addition, she is also an inspiration to her children as it makes them understand the value of money and become self-sufficient in life when they grow up.
To contribute to GDP
When more women enter the workforce, it boosts the Gross Domestic Product of the country. In addition, taxes paid by women increase government revenue, which in turn can be used for the welfare of the nation. Every individual, including women is worthy to take pride in contributing to the prosperity of their country.
You owe it to yourself
On top of everything, being financial independence is a self-sufficient goal that everyone should attain, regardless of gender or lifestyle. Every woman deserves to be financial independent. Economically independent people don’t rely on others to make decisions. Also, better financial decision is an essential ingredient of success in every zone of life. It makes you more confident and future-ready to face any situation or misery. Moreover, being a woman, you must have some unfulfilled aspirations and dream, which may make you dependent on your loved ones. Financial independence enables you to fulfill these wishes on your own.
Thereby, no matter whether you are a single, working, homemaker, student, separated, divorced, or senior citizen, the way you plan and manage your finances can help you achieve your life goals. So, woman! Don’t shy away from money matters. Take hold of your money and wait for the fruitful reward.