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Let’s Usher Women on the Path to Financial Independence

Financial independence is all about a condition in which we have sufficient financial resources at our disposal to pay for the required expenses of life. It is concerned with living your life within your means and free yourself from the shackles of mercy. At Hindrise Foundation, we believe that directing women on the route to financial independence is possible if women start realizing their potential and making the most of it in all walks of life.

In recent years, women from all over the world have come a long way in different spheres of life. From proving their mettle in the field of sports to showcasing their artistic skills, opting for the profession of their preference, ruling the world with their elegance, and beyond, women have challenged the men and shown their prowess and strength everywhere and have reached the top point in every field.

Empowering and equipping women residing in rural and semi-urban regions of India with better incomes would eventually bring vital benefits to the community. Besides this, it’s not wrong to say that if the income remained in the bag of women, it would ensure wellbeing for her and the entire family.

In context to the rural women residing in different parts of Delhi NCR, they belong to the impoverished sections of society, often lagging behind on the parameters of human development. We are wholeheartedly working with these women to improve and upgrade their capacity at the same time to boost their economic and social status in society.

The path to financial independence is achievable if all the efforts are in a unified form, and women get required education and proper training to develop their skills and match pace with the men in male-dominating Indian society.

Financial Well-being of Women- Reality Check

  • In the current scenario, not more than 64 % of women at the international level have access to an account in any financial institution in comparison to around 71 % of men.
  • India seems to be an exception to this figure, with over 80 % of Indians possessing bank accounts and merely a 6 % gender gap.
  • However, things are not up to the mark when widening the horizon to see the bigger picture.
  • The sad and disheartening truth is that nearly half of all women who do have their bank accounts only use it in a controlled manner or even not at all.
  • Therefore, their financial advancement and growth are without a pivotal component – engagement.
  • And this fact holds authentic for all women – from those in the remote agricultural parts to the roofs of moneyed Family Offices.

Dependent and Independent Women

  • In Indian families, women who are dependent on others for their survival and living get badly impacted when male breadwinner in the family dies.
  •  Also, if women dependent on others get divorced by their companion or thrown out of the house by gen-next, they face trouble surviving.
  •  On the other side, self-reliant and financially independent women don’t get much affected on the financial ground if the sole earning person of the family passes away.
  • In circumstances where women can get access to valuable resources of the family, they are bewildered by the unexpected onslaught of knowledge and duty.
  •  They lack the skills and accessories needed to handle their finances adequately.
  • This actuality is all the more dangerous for affluent families as they hold tremendous asset pools and aggregate portfolio edifices.
  •  Even under the typical sequence of functions, it can be a challenging task to manage.
  • Now assume doing so with zero practice – the challenge becomes even more unnerving.

Male Member Dominance in Family Offices- Hurdle on the Path to Financial Independence 

Family offices are mostly dominated by male members of the family, and thus, it becomes the blockade on the path to financial independence. It has been rarely seen that women actively participate in the financial affairs of the family.

This disparity exists because of the outdated stereotypes such as women are not good at handling monetary affairs. They must maintain silence when the discussion goes on the subject of finance in the house. Consequently, a majority of the portfolios are controlled and regulated by male members in the family. In most of the houses, women are not even provided knowledge regarding the details of the family’s wealth and the frameworks that govern the assets and finances of the family.

Women in most of the houses are kept away from money-based information. Thus, when the unthinkable happens, most of them don’t possess even a basic understanding of financial products like stocks, bonds, mutual funds, property, etc., or the method through which inherited investments would get executed.

Thankfully, we have touched an inflection point where the actual shift is close at hand in today’s time. Nowadays, women lead from the front when it comes to managing family assets, managing a firm or a company independently or making strategic decisions at organizations. It’s the perfect opportunity and the right time for women in family offices to come out of the shadow of the male members in the family and take charge of their financial prospects. It’s a reality that around 57 per cent of all women entrepreneurs make heaps of their financial decisions independently, while around 39 per cent rely on their spouse or father for advice.

How is Hindrise Foundation Encouraging Women on the Path to Financial Independence?

financial independence

Hindrise Foundation is encouraging and supporting women on the path to financial independence to advance the security as well as the independence of women and fill the lives of Indian families with golden days. Our team members encourage the women in the family to join our comprehensive financial literacy and knowledge building programs. It can help them attain a thorough understanding of the intact family portfolio, entailing all family as well as personal asset allocations, insurance entitlements, nominee listings, and even the minute details of several financial products, how they are utilized in the market, and how they work.

Many women have acquired knowledge about subjects such as finance and commerce, and some even have degrees in these subjects. But still, they don’t engage themselves in the family business or didn’t get support from the elders of the family. It’s a persistent challenge on the path to financial independence. If women with a finance-based degree or education come forward to lend their advice in the financial matters, possibilities of financial prosperity would escalate.

Through our awareness campaigns and skill development programs, we outline the plan to make people understand the value of women empowerment and let people know the answer to the question- “How it’s possible to walk on the path to financial independence?” At Hindrise, we believe that by imparting meaningful education to women and including them in the affairs of the society, we can proceed ahead for uplifting the society.

Summing Up

An empowered and self-reliant woman refers to a financially stable, sound and healthy family. Women with financial literacy can bring revolutionary changes in the society. They can be the financial booster not only for their families but also for their country. From planning and budget making, they can do it all if they have acquired finance-related education. It’s important for male members to give them sufficient space so that they can prove their mettle as a financial leader. Hindrise Foundation is working in the direction of fulfilling the lap of women with equal opportunities and is aiming to usher women on the path to financial independence.