Why Women Should Take Control Of Their Finances: COO Shares Key Insights

When it comes to women empowerment, we talk about women earning their livelihood by working and we term it as financial independence. However, financial independence is not just about earning money but it’s about being financially literate which will help secure and plan for the future. Despite women earning enough they have to depend on the male in the family to handle their finances. We rarely hear women talking about finances and investments, owing to the patriarchy they have been exposed to and lack of financial literacy. Smita Khanna Kithania, Chief Operating Officer, Newton Consulting India shared the reasons why it’s high time women should take control of their finances.

Smita Khanna highlighted that I find that many women hesitate to talk openly about money. There is often a peculiar silence surrounding women’s experiences with finances. This silence, deeply rooted in societal norms and historical taboos, significantly hampers their financial well-being.

She added that for generations, topics such as salaries, investments, and debt were considered inappropriate for women to discuss, leaving financial conversations largely in the hands of men. As a result, many women are left unprepared to make informed decisions about their own finances.

6 Reasons Why Women Should Take Control Of Their Finances

Here are some of the reasons why should should take charge of their finances:

Uncertain Future And Financial Insecurity

According to Smita, studies have shown that women are more likely to save inadequately for retirement, earn lower investment returns, and face heightened financial insecurity later in life.

Financial Exploitation

Smita highlighted that women are more vulnerable to financial exploitation and abuse due to this lack of financial literacy. Taking control of their finances is not just important; it is essential for women’s empowerment and financial resilience.

Opportunities And Financial Security

According to Smita, having conversations about finances offers several benefits. This will better equip women to handle budgeting, saving, investing, and long-term financial planning.

Better Salary Negotiation And Addressing Gender Pay Gap

Financial conversations and literacy can empower women to negotiate for better pay packages and benefits. Smita highlighted that the gender pay gap is a significant issue and it still exists. One of the best ways to address it is by encouraging women to advocate for their worth. Financial literacy can help women evaluate industry standards and gives confidence to demand fair pay.

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Financially Resilient

Smita mentioned that financial literacy makes women financially resilient. It will help her navigate job loss, divorce, or unexpected medical expenses, and other life’s uncertainties.

Inspiration

As mentioned earlier, the patriarchal landscape has impacted women’s mindset. Smita highlighted that women sharing their financial journeys can inspire other women. The stories of triumph over financial hurdles can break the stigma about finances and encourage women to become financially independent.

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It’s high time women should take control of their finances and become actually financially independent.

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