Closing the gap: Advancing financial inclusion

In today’s rapidly evolving society, the importance of women achieving financial independence cannot be overstated. Financial independence not only empowers women but also contributes to societal progress and economic growth.

Helping women achieve financial independence requires a strategic approach; it is never too late to begin being financially independent. Prioritising financial literacy lays the groundwork, as it forms the foundation for informed decisionmaking.

"As women approach retirement, it's essential to strategise wisely. Cultivate assets that yield dividends, ensuring a stable income stream postretirement. Consider investing in tangible resources like house properties or secure dividend returns from stocks to enhance your financial security,” says, Rahul Subramaniam, cofounder, Athena Education.

PRIORITISING FINANCIAL LITERACY
In recent decades, the pursuit of financial independence has become a powerful aspiration for women worldwide. Breaking away from traditional roles and societal expectations, women are increasingly seeking economic empowerment and autonomy.

According to industry leaders, education and awareness about financial matters are essential for empowering women to manage their finances effectively and plan for their future.

Furthermore, advocating for equal pay, access to resources, and opportunities for women is crucial in creating an environment conducive to financial independence. Employers, policymakers, and communities play a vital role in promoting gender equality and supporting women's economic empowerment initiatives.

“Achieving financial independence depends on several factors, including income and assets, spending habits, savings, debt management strategies, and retirement planning. Striking a balance in them can help them become self-reliant in their 30s,” says, Nehal Gupta, director, Accelerated Money For U (AMU).

Financial independence is a stepping stone to autonomy, security, and empowerment for women.

“Consider making a habit of allocating a portion of earnings—no matter how small—to an investment corpus. This, in turn, will leverage the power of compounding, turning even modest savings into significant amounts over time. Also, it is crucial to diversify investments across different asset classes. Start with safer investments like savings accounts and fixed deposits to build a foundation,” says, Naina Aggarwal Ahuja, founder, Talking Point Communications and Trustee Heart Care Foundation of India.

Within the business landscape, women leaders are not merely dismantling barriers; they are sculpting entirely new paradigms. "Possessing a strategic acumen that defies traditional norms, they adeptly navigate complexities, fostering corporate cultures that uphold diversity and champion equality. Their leadership serves as a dynamic force, steering organisations toward success while underscoring the significance of empowering each team member," says, Prerna Kalra, cofounder, Daalchini Technologies.

UNLEASHING LIMITLESS POTENTIALS
Financial inclusion addresses systemic barriers, enabling women to actively engage in the financial system, make informed decisions, and utilise affordable services tailored to their needs.

Ramneek Singh Ghotra, chief growth officer, Finvasia, says, “Financial independence not only enhances individual empowerment but also fosters societal progress by promoting gender equality and economic participation. Women, today, are increasingly breaking barriers in traditionally male-dominated industries, showcasing their skills, expertise, and leadership qualities.”