Financial Independence Is Important For Women Not To Prove A Point, But To Break Stereotypes

Shruti Aggarwal StashFin, women and investing india

“There is no dignity quite so impressive, and no independence quite so important, as living within your means.” This beautiful and simple quote is symbolic of why financial independence is important for us all. And when it comes to women, it is, of course, of paramount importance. Women have come a long way, just fighting for equal rights and opportunities. It’s been the equivalent of starting a race much later while others get a headstart. While women have closed the gap in this race of equality, there’s plenty to do. This journey towards a more just, equal, and accepting world that values women for their selves has one extremely important component: financial independence.

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In simple terms, financial independence is the ability to earn a living that enables folks to pay for their living to sustain themselves. It is imperative to understand that financial independence is not limited to working men. It is a basic necessity and requirement for everyone living in the 21st century. After all, it enables several critical aspects of our lives:

Building self-morale

Being financially independent not only gives one a sense of accomplishment; it also helps in building healthy morale. It essentially empowers women further, enabling them to make their own decisions and calling the shots the way they seem fit. This confidence and sense of fulfillment help them be self-sufficient, both emotionally and financially.

Tackling emergencies head-on

Whether it’s toxic domestic environments, or financial and medical emergencies, being financially independent is an all-encompassing concept that serves as a one-stop solution for all kinds of problems. It, in my opinion, is a suitable solution that delivers women the freedom to lift themselves out of such situations without having to rely on others. And we all know how liberating that can feel, right?

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Meeting the surging cost of living

Inflation is (always?) on the rise, and over the past decade, it has compelled individuals of every gender to be financially independent. This is especially important when it comes to women. After all, they too pay their bills while simultaneously breaking societal norms and preconceived notions that only men can be breadwinners of the family. This sort of challenge is tackled with investments, prudent savings and financial planning. Being financially independent isn’t just about earning enough – it’s about saving enough and being able to spend enough.

It’s only then that women can show how essential it is for both women and men to contribute to the expenses they incur in a household as inflation affects everyone.

It is empowering and enriching

Who doesn’t want firmer control over important decisions? I know the women do. A firm grip over financial resources without having to depend on another person, is a common goal agnostic of your background, gender, professional capacity, or other factors. Perhaps more than the prudency of it, it’s also the feeling of happiness and fulfilment that we derive from that, that’s most important.

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Financial independence is important for women of the 21st century. It is not to prove a point, but to ensure that women can break the stereotypes and support themselves if they want and need to. It makes them financially secure and enables them to make their own decisions, support their spouses, and finally, give a sense of achievement and accomplishment in a unique and empowering manner.

Shruti Aggarwal is the co-founder of StashFin, an app-based digital lending venture started by a team of former financial service professionals. The views expressed are the author’s own.