Over the last few days leading up to today, you’ve probably heard several financial services companies talk about celebrating financial freedom and not limiting your income to a paycheque. We’d like to go a level deeper and focus on an important but often overlooked segment of our population: women.
Pay cheques and financial independence can be empowering, especially for women in India. One of many wonderful things about Indian women working is that it helps the country by leaps and bounds. A recent article in The Economist predicts that India can get richer by a whopping 27% if we can bring in 235 million more women into the country’s workforce to match the number of working men. Alarmingly, the report spoke about the decreasing female employment rate, down from 35% in 2006 to 26% by 2018.
India stands to gain the most out of any country if it can achieve gender equality. According to a 2015 McKinsey report, the gains could result in an additional 700 billion dollars to India’s GDP by 2025, if comprehensive changes are made. In a world where governments try hard to increase the national income, it is heartening to know that the answer could lie in fixing our country’s systems.
Do these metrics and the idea of development at a national level seem too abstract to digest? Let’s zoom in on what financial independence means for you, the individual woman. Regardless of what we want from our lives, the one thing that empowers us is the freedom to mould our destiny.