World Bank data reveals that in India, less than a third of women participate in the work force. While the participation has seen an increase from 21% in 2001 to 37% in 2023, the change is slow and there is a long way to go.

Especially in rural areas, women are very dependent on men for finances and leave all financial decisions to their fathers and husbands.

Why Is It So Important for Women to Work? 

Women need to work not just to earn their own money and be financially independent of men; there is so much more to it than just that one reason.

• Women need to work because working gives women an identity and helps them feel self-confident and thus increases their ability to face and overcome biases in a society that is loaded against them.
• Interacting with colleagues helps women develop their social skills and they cultivate friendships which contribute to their emotional well-being.
• Contributing to the family’s income wins women their family members’ respect.
• When children see their mothers working and taking part in financial decisions, they grow up accustomed to having women work and being independent.
• For daughters, this translates to them growing up with the idea of becoming strong women, and for sons, this translates to working women being the rule rather than the exception thus reducing the notions of gender bias and patriarchy.

But pursuing a career is as much for the society’s sake as it is for the woman’s sake.

• Empowering women economically is key to achieving women’s rights and fighting gender discrimination.
• Women having their own money will not just give them the right to decide their lives but they will also have a say in economic decisions, whether it be in the family or in the society.
• Studies have shown that when women make decisions, they place a lot of emphasis on the family’s health as well as children’s education.
• Companies which have women in leadership roles have performed better than their male dominated counterparts. Women come up with a much-needed change in perspective thus giving way to creative and innovative solutions. Studies have shown that employees too are happier working in an organization that has female leaders also involved in decision making.
• For closing the gender gap, it is crucial that we encourage women to work. When the number of women working increases, the economy thrives and the country grows.
• Women leaders drive inclusivity and with their high levels of compassion, they understand diverse viewpoints and come up with solutions that are acceptable for all.
• Lastly, in a world that is right now ravaged by conflicts, promoting women’s economic empowerment will play a big role in leading to a better society.

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Also Read: Ensuring Women Safety at Work

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Women and Money Management 

Up till this point, we have focused on the importance of women working. But another equally important aspect needs to be addressed – women’s ability to manage money.

Unfortunately, women are not confident when it comes to managing the money they earn. They believe their spouses or fathers know better.

Why do they believe this? Well, it could be due to deep-rooted beliefs that handling money is a man’s job. Even families that encourage their daughters to work, do not stress on the importance of them managing their own money. As a result, women do not believe they have it in them to manage money. They believe it is not their job and do not make an effort to educate themselves on money management.

When women are capable of earning their money, how can they be incapable of managing it? That women cannot manage money is a myth and the sad fact is that the myth has been around for so long that women have started to believe it themselves.

It’s Time to Change the Narrative 

It is never too late to address the issue of money management – age is not a barrier. Irrespective of age, women can educate themselves and start managing their money. Given below are a few tips to start with:

Educate Yourself: 

• Set some time aside to read up about money management.
• The reason women don’t feel confident about managing money is because they do not know anything about it. So, first fix this.
• Read money magazines that explain things in simple terms.
• Go online, search for anything specific you would like to know about – there is a wealth of information out there. If you want, you can get professional advice too on money management.

Prepare for Change:

• We all know that the one thing that is constant is change; so, it only makes sense to prepare for it.
• Life will throw challenges at us and if we have a nest egg to fall back on, it will definitely make it easier to tide through the change.
• Plan for various possible scenarios – loss of job, divorce, taking a break from work, etc.
• Irrespective of how supportive the family is, having your own money to contribute during a stressful time will make you feel better.

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Create a Budget: 

• Go through your expenses for a month and write them down.
• Analyze the expenses and create a budget.
• Make sure to set some money aside every month as an emergency fund. Stick to the budget.
• If you do go over budget, find out why it happened. Make other adjustments, if possible, to stay within the budget you have created.

Retirement Planning: 

• According to the WHO, on an average, women outlive men by 6-8 years.
• But unfortunately, they never have enough money for these extended years as they did not save enough.
• Retirement planning is crucial to avoid this scenario.
• First, assess how much you will need post-retirement, then set monthly saving goals and invest money to help achieve your target.
• Plan not to be dependent on anyone, including your children, for your retired years.

Studies have shown that when it comes to money, women are more disciplined at managing it. They are also very analytical in their thinking process and weigh their pros and cons before arriving at a decision. They have always been good at budgeting and show a willingness to learn about savings and investments. There is nothing that even hints that woman cannot manage money. The only thing women need to now do is believe it themselves and start setting right the age old myth that money management is men’s territory.

Overview: The blog covers various aspects about women and money including why it is so essential for women to work, why women shy away from managing their money and how to fix this.

Frequently Asked Questions

1. Why is it important for women to work?

Working helps women gain identity, confidence, and respect, while also challenging gender biases and contributing to their family’s income and societal change.

 2. How can women manage their money better?

 Women can start by educating themselves about money management, creating a budget, preparing for financial changes, and planning for retirement.

 3. What are some tips for women to start managing their finances?

 Women should read about money management, set up a budget, prepare for financial uncertainties, and plan for retirement to improve their financial skills.

4. Why is retirement planning important for women?

 Women typically live longer than men and need to save more for their retirement years to avoid financial dependency on others.

 5. How can women overcome the belief that money management is a man’s job?

By educating themselves about finances, setting budgets, and managing their own money, women can challenge and change the outdated belief that money management is a man’s role.

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