Liberty Through Financial Independence

In today’s world, what would we discover if we delve into the true essence of financial independence? What does financial independence truly mean? Is it about understanding finance and making smart investments? Is it about saving money and utilising it wisely? Or is it about indulging in luxuries and living a comfortable life? What, ultimately, does financial independence signify?

At its core, financial independence represents freedom—the freedom to choose, the freedom to live life on one’s terms, and the freedom to achieve milestones. In a country like India, where finance has always been crucial, a population exceeding 142.86 crores constantly strives to make its mark.

But does this aspiration encompass the women of our nation? Today, India is witnessing a growing number of women who are boldly challenging stereotypes and progressively taking control of their lives through financial independence. However, progress has been slow, and in many parts of the country, women still struggle to live lives that align with their expectations. This is deeply rooted in their upbringing. From a young age, women are conditioned to be nurturers, balancing and managing roles as good wives, mothers, and daughters. Yet, amidst this societal conditioning, they are rarely taught how to safeguard their own future in case they are left vulnerable by a trusted spouse—a situation that, unfortunately, occurs more often than we’d like to admit. Recognising that true security stems from one’s capability and understanding is crucial. Money provides that security. Therefore, financial independence is not just important for women—it is essential.

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In a competitive world where women are frequently undermined, financial independence serves as a shield against potential threats. Fortunately, as time passes, more opportunities and resources are being developed to help women make independent financial decisions. Education, employment, property rights, and access to credit have significantly contributed to shifting mindsets, highlighting that individuality in every aspect of life is critical. However, it is imperative that more conversations and awareness are created around the concept of financial independence as challenges persist. Many men, for instance, remain uncomfortable with the shifting societal norms and the empowerment of women through financial autonomy.

This evolution in dynamics is remarkable and continues to intrigue the public. Rising divorce rates and the longer life expectancy of women underscore the growing necessity of financial independence. Looking deeper, we see that in today’s context, 98% of salaried and self-employed Indian women actively participate in long-term family decision-making.

Furthermore, 47% of women, according to the Indian Times, now make independent financial decisions. This indicates that women are increasingly understanding that financial independence is not just about earning—it is about managing money wisely. This includes consulting financial experts to explore investment opportunities, develop debt management strategies, and build a foundation of savings. Higher education has also played a critical role, as data shows that educated women are better equipped to understand financial concepts such as loans, taxes, credit, and retirement plans. According to the National Center for Education Statistics, women now hold more doctoral, bachelor’s, and master’s degrees than men. As a result, many women are stepping into entrepreneurship, creating opportunities for other women, and fostering growth-oriented communities.

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On a fundamental level, financial independence fosters respect and self-reliance, regardless of socioeconomic background or class. It creates a progressive environment where women feel safer, less biased against, and healthier. Women who achieve financial independence often become role models, inspiring others still confined by outdated societal norms and expectations.

The rise of financial independence is most visible in metropolitan cities across India. However, according to the World Bank, India still has one of the lowest female labour force participation rates, with less than a third of women in the workforce. Despite this, there has been steady progress—from 21% in 2001 to 37% in 2023. This growth reflects more than just advancement; it represents a deeper understanding among women of the true essence of freedom. Personal choice, autonomy, and assertive decision-making—long denied to women—are now being reclaimed through the pursuit of financial independence. To soar and experience true freedom, one needs wings. In this modern era, financial independence serves as that metaphorical wing.