Barriers hindering financial empowerment of women; 4 key tips to overcome them

livemint.com:

women in India still don’t have the freedom to choose their goals, careers, or life partners. They don’t even have control over their income — as a survey by Tata AIA reported, 59% of working women still depend on their spouses for financial planning. From unequal pay to gender stereotypes, many systemic barriers prevent women from achieving financial empowerment.

In this article, we will explore these challenges and discuss how women can rise above these challenges. Challenge 1- Indian women are educated but unemployed: According to a World Economic Forum report, India ranks #1 out of 146 countries in the enrolment of men & women in primary and tertiary education. However, despite a high number of educated females, female labour force participation is steadily declining - from 30% in 1990 to 19% in 2021.

Some economists suggest that the rising economic prosperity has meant that women no longer need to work to support their families. Additionally, there’s a social stigma surrounding working women. Affluent families may perceive that women who work outside the home lower a family’s social status.

Challenge 2- Women who work earn less than men: Even if women join the workforce, they earn just 21% of a man’s income. There’s no denying that factors such as individual skills and the nature of work play a part in the income gap. However, the International Labour Organisation has deemed discriminatory practices such as unequal pay for similar work as one of the major drivers of the income gap.